To me the Luxeon definately put out more photons than a 5mm Nichia even at low levels. A Luxeon driving at 20mA typically has lower Vf than a 5mm driving at the same level. Because a Luxeon die is 10+ times bigger than a 5mm Nichia die, you are looking at much lower current density, which gives you lower Vf, lower die temperature and higher efficiency. IMO the problem of using a good Luxeon at such a low level is more associated with the cost/performance ratio.