Pro:
You can control light output coordinated with image. (At dark scene reduce light output, bight scene increase it)
Light is mostly directed straight, and collminator lens is cheap to bring all rays into +-6-30 degrees
No heat is directed forward ( the pictures above are from poor removal of heat from lamp and intentionally focusing it on an object. This type of abuse would drastically shorten the life of the LED)
A proper heat removal system would be quiet, no fan required, and increase the LED life to 20,000-50,000 hours
Light output is more focused. No mercury spikes, which account for most of the lumens of MH, but are not desirable. Less LED lumen's at 6.5K is more actual clean "good" output than MH. So you do not need as much lumen's for the same good picture.
Con:
Not as readily packaged as MH. You will need to consider the installation of HS and placement due to small size of LED plus consider a power package of constant current. May need microprocessor or PWM.
May cause spotting of screen due to such direct lighting (suggest 30 degree collminator or proper calculation for application)
Recommendation:
http://mouser.com/Search/ProductDetail.asp...Iqx5Zle5/V4Q%3dIt is cheaper and more effective to spread the light. Or try W724C0. Not as inexpensive, but only 10 are needed for 7000 lumens.