For purely working illumination, LED is very good indeed underwater. It is strong in blue, which is the last color to be absorbed, so LED light will travel well.
Incan light is strong at the red end of the spectrum. That makes it better for color rendition underwater, as it compensates for the natural blue cast. However, red disappears completely after travelling only ~15 feet through water!
So: for faithful color rendition at close distances, choose Incan. For a good working light, with long run-time and good visibility, choose LED. For maximum illumination, choose HID.