A Watt is a measure of one of two things:
1. Power consumed
2. Heat produced
Some of the current going through the LED is converted to visible light, a little bit to other radiation, and most of it to heat. IIRC, they're now around 70-80% of power converted to heat, but I can't find a source to back that up, so that might be way off.
The first power LEDs were only a bit better than incandescent with wall power (where incandescent could very well run at >=20lm/W constantly), and even with batteries, mainly sold on durability and high CCTs, though they were several times as efficient. Incandescent light sources also vary in efficiency, but typically cap out around 20lm/W, and worse when under-driven. 15W is typical for a fixed light, though (900lm is a typical 60W rating, FI, which comes to 15lm/W).
The lm/W measurement is based on power consumed. LEDs vary greatly in this measurement. Current power LEDs are generally around 100lm/W, but then, for any device, there's loss as it heats up, loss with higher current (both things that are being worked on more than the raw efficiency, now), and light lost to whatever optics the device has. So, out of the lens, anywhere from 120lm/W (at low drive currents) down to 60lm/W would be reasonable, with modern quality LEDs.
So, any Watt rating is totally worthless, unless it's a rating of wall power used, in case you need to calculate that (such as for portable work off of a generator or inverter). Even with lumen ratings, they need to, at the very least, follow relevant ANSI or ISO standards, and have complying measurements. There are different ones for different industries, but even consumer flashlights have one, these days.
Why? Because they will often state the datasheet's lumens at room temperature for each emitter, which are totally bogus, or use the datasheet to extrapolate what the output should be from the emitter, which will always be higher than reality. Reality is never so kind. Just try to count the number of posters that found their XXX lumen torch dimmer than a new Surefire, HDS, Malkoff, Inova, or other lower--but accurately--rated torch. The driver circuitry, heat dissipation efficiency, temperature once warmed up, and optics, all affect real LED efficiency, on top of the potential efficiency of the emitters themselves.