bluepilgrim, LEDs don't emit wide-spectrum EMR; they emit the specific frequency they are tuned for, and nothing else.
The way my physics professor explained it to me is, if you could broadcast a signal from a radio tower at a high enough frequency, you would see it as visible light, but the problem is it's impossible at this point to make a frequency tuner that can oscillate the electrical signal that fast. The crystalline structure of LEDs, however, does that by its very nature, so they are in effect "broadcasting" visible light exactly like the radio-tower example I just gave. White LEDs do this too, but they also have yellow phosphors added to absorb some of the blue light and re-emit it as yellow light.
Presumably, if you cooled an LED until the silicon turned into a superconductor, it would be 100% efficient. At room temperature, however, there is inevitably some heat generated by electrical resistance, but nothing compared to what incandescents or even fluorescents create. I challenge anyone here to run an Arc6 and a comparable incandescent for 5 minutes straight, then touch the emitters directly.
No takers? Hmm.