Most LEDs will normally be rated in millicandela (mcd) and some (usually high power ones) in lumens. If we are going to use LEDs for general lighting we should have the light output in lumens (all round) rather than candela (per narrow beam). To convert cd to lm use the following formula
lm=cd*2*pi*(1-cosX/2). where X is the beam angle
The power supplied to the LED can easily worked out by measuring the current, I (Amps)
and the voltage, V (volts) supplied to the LED. It is recommended that LEDs are driven with 20mA of current for the varying forward voltages (depends on colour emitted by the LED). Power, Watts = V*I. Luminous data is usually supplied by the manufacturers but there are independent bodies that carry out tests to verify manufacturers claims. One such independent testing agency is the US Department of Energy (DoE) in their Commercially Available LED Product Evaluation and Reporting (CALiPER) Program, formerly called the Commercial Product Testing Program, that supports testing of a wide, representative array of SSL products available for general illumination. The Department allows its test results to be distributed in the public interest for noncommercial, educational purposes only. Get info here
http://www.led-professional.com/content/view/819/61/
As I mentioned earlier, the lm/W data is what most people will look at when considering lighting solutions. I feel that this figure does not provide me with all the data I need when deciding what type of LED to use so I have begun to use lm/$ as another yardstick when considering LEDs. Additionally, I also apply a third ratio and that is the lm/sqcm especially when dealing with limited space. I use all three of these efficiency markers when comparing all types of LED against each other. I have not got much data (only 8 LEDs) yet to put up here but one can look at these sites that offer some efficiency data and lots more interesting LED reading:
http://www.otherpower.com/otherpower_lighting.html
http://members.misty.com/don/ledx.html