IMO LEDs are still experimental. If you want to play around or experiment, go for LEDs. If you want to really grow, get the HIDs.
I am doing a grow in the 16oz cup thread and using LEDs. I've noticed that the buds do not grow large or fast. Others, who are using HPS lamps are leaving me in the dust.
You might be able to get away with using LEDs for veg, but for the price, it's better to get fluorescent or MH.