Who's making that round-die LED?
Anyway, LED manufacture is HARD. HHAAAAAARRRRRDDDDDDD. From the moment you've produced silicon wafers for the diode, the quality of that product determines your efficiency. Your efficiency determines rated current, heat load, and these directly relate to achievable surface brightness. After doing a "good enough" (With the upper limit being almost twice as efficient as 'standard,') Cree creates its brightness bins of blue dies. Many of these are used in white LEDs, the super-performers are studied to find out why they're so good. The white LEDs have exactly-right phosphors put on.
The phosphor blend is HARD. A wrong mix gives weird light output. An almost-right mix can act strange at high or low currents (Tint shift). Anything mixed wrong leads to thermally-unstable phosphor. Cree adds some magic mix of phosphors that they've chosen for output and acceptable color rendering.
The optics are HARD. And so on. Total internal refraction in the LED diode (Between the air, the little glass dome, the optical silicone, the phosphor layer, and the blue diode) account for at least 20% of the output of the diode*.
*This WAG brought to you by the XT-E enhancements