For me the height to canopy was the limiting factor. It was a personal decision to minimize input resources. This is has to be viewed from the perspective of a 1-2 full sized plant grow intended to keep me in smoke, not cash, lol. There are reports of 3 of these being used over a 4x8 and producing good results if commercial is a concern.
As to LED, sure they are expensive, but what's not to like. I believe there greatest advantage is the ability to custom tune or shape the spectral output. A bigger unit is available, the LEC 630, which is really two 315s in a single reflector.