Heat dissipation is a major issue in LEDs. Incandescent lights can just radiate it away because the heat transfer at the incandescent filament temperature is good. If you run a white LED junction at high power you have issues with it melting itself, and the maximum temperature is low enough that you have heat transport issues trying to move the heat energy away from the LED before the LED temperature gets too high.
That's why single-LED lights tend not to come in very high power, instead you have to have an array of LEDs. Really high power LED stage lights have large arrays of lights, and if you need a very bright point-like source then a high intensity discharge or specialist filament light is still the way to go.
Therefore greater efficiency in the LED light generation, via such things as these "Laser" lights can up the single-LED lighting power without having to get into arranging, cooling, powering, and focusing an LED array. That leads to some major design advantages even if you are just trying to achieve the equivalent lighting effects of an incandescent Xenon lamp.
Now, if you are trying to use the same power with LED as with incandescent you can get some truly amazing brightness, as in some stage lights that are 8 to 10 times brighter than their incandescent predecessors for the same size package and power consumption. They're a bit nuts.