I want to chime in and say gpw is highly subjective though. You'll gain a higher gpw simply by running lower light over larger space. (600w over a 4x4 yields more than a 600w over a 3x3) 1gpw was the baseline for a good hps grow, 1.5gpw becomes that figure for most cob upgrades(same yield, less watts).
The main thing with efficient leds is replacing our current amount of light with less watts. I never tell anyone to expect a better yield, you should start with the proper amount of light for your space. Cobs just offer more lumens at less watts, directional with little to no reflection loss, and a longer life. But if I had to chose between the proper amount of hps lighting, or half as much led lighting as I need, I'd go with the hps. Increased yields will outweigh what you save on extra electricity and bulbs.
Anything below 110lm/w isn't really gonna be much better than a decent HPS. With cobs, you'd still save money from HID replacement bulbs, a lot of the cheaper leds won't last long though. Above 150lm/w is where you want to be to beat an hps for unreflected light output(usually where we compare a reflected 600w hps to around 400w Cree cob setup) for most with the bar design, the added evenness of the spread also accounts for a lot compared to single center hps fixtures.