There are some phosphor-type LEDs out there now that use blue or UV LEDs to light up a phosphor, similar to how a fluorescent bulb works. The ones on Audis are of that type. Driven properly, and with the right phosphor, the can emit pretty much any spectrum, so they ought to be great for plants (I've seen some at 6400°K - about the same as a high-output T5), but nobody seems to be selling them for that yet.
Steve - take a look at the T5 fixtures at Hydrofarm - I discount their retail pricing by 10-15%.
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