i don't think small leds are better than 1W lux in terms of both brightness and color (and efficiency).
taking for example, led driven at 30 mA produces about 2 lumens. lux at 350 mA gives about 30 lumens. that means it needs at least 15 leds to get that same brightness. so multiply the 30 mA by 15 we get 450 mA. need more power to produce same brightness. Beside, it would be a more circuit challenging to put an array of leds to replace luxeon.
but then again, at low power, leds will be more efficient. just don't try to match the output of lux using array of leds. They just simply not worth it. An array of leds is better suited as signalling light, IMHO. So some leds can be dimmed or blinked to liking.
just my 2 cents