I did a little research on LEDs for my own indoor growing setup. I ended up going with 4 T8 bulbs: two warm-white and two cool-white.
The wavelength information wasn't particularly convincing to me. If I remember right, there was a lot of anecdotal evidence that red and blue worked great, but more intensive and objective studies didn't show as good a plant health.
The other thing was the sheer intensity of light you need. The 4 T8 bulbs I have are 32 watts each and emit about 2,900 lumens (90 lm/watt). The total 11,000 lumens was at the very minimal light needed for the 6'x1' (~2m^2) area for the plants.
I thought it would be really neat to have LEDs, but I just couldn't justify the added cost for such a basic, amateur setup. Plus, the white light adds to the room light whereas a blue/red LED setup would not. The bulbs I bought were rated for 30,000 hours, and considering I've got them on a timer for 14-hour days, I expect them to live up to their rating.
If you're not an agriculture expert, the amount of information is daunting. I went for the crudest setup—one that simulates sunlight as best I could for a long day. But red makes some plants bushy, and blue makes some plants flower, and some plants like short days, and some plants fruit on long days—it's really quite overwhelming.