Well, based on Sanjay's data 150W HQI ballasts actually draw around 190 - 210 watts and most 150w DE bulbs put out around 60 PPFD with the Icecap 6500K (very yellow) putting out the most at 78 PPFD. These are all shielded results because you have to run shields with DE bulbs.
In contrast, an Iwasaki 15K SE bulb on an 175W electronic ballasts draws about 165-170 real watts and spits out PPFD in the very high 80s all while having a 14500K colour temperature (where most reefers want it).
In other words, you're using LESS electricity but getting MORE PAR out of an Iwasaki 175W bulb than any 150W HQI DE bulb. By all accounts, the Iwasaki is an extremely crisp white after burn in.
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