The answer would have to depend on which factors you compare.
Max output - Incan
Tint - Incan
Size (where smaller is better) - LED
Run time - LED
Heat (where less is better) - LED
Battery requirements - LED
Bulb/LED life - LED
Of the seven things I thought of off the top of my head - LED wins 5 of them, but sometimes the Incan's 2 wins could make it your choice. It would depend on how you weight your priorities for the task required.
Any real flashaholic would own multiple lights and choose the best one for the task required. This would mean that even while holding a ROP or Hotwire Mag I would have an LED (probably more than 1) in my pocket that I could switch to when the Hotwire batteries are sucked dry. I currently have about 10 good LED lights and am planning on building up to five Mag Mod Incans (ROP Hi, ROP Lo, Mag11, Mag85, Mag623).
If we only look at Lumens and ignore all other important characteristics then the 6000 Lumen Incan I am planning on building will win against any LED I have ever heard of - but with ~14.8V & ~10A it will be lucky to run for 20 minutes before the batteries are dead, I will probably stop at 15 minutes to reduce the risk of damaging the batteries. My bulb life will not be high, somewhere around 90 hours before
If the question is "what 1 torch is the best" then the obvious answer is "no 1 torch is ever the best, MANY torches are the best!". The bottom line for what is better between LED & Incan: It depends! Anyone that tries to proclaim a clear winner is WRONG!