Once you include ballast losses, even the Philips Luxeons beat the lower wattage HIDs for efficiency.
So, obviously yes.
But you don't have the spot intensity of HID yet, if you just want throw only.
We still need to hold the LED's 80lm/W, and crank up the power further, or raise the efficiency more, which folks already have in the works, quite a number of ways to do this already.
If you don't need a pencil beam that throws for miles, then these LEDs will easily exceed the lower wattage HID. The bulb itself is roughly 45-50lm/W, and their ballasts are 70% efficient.
http://www.lamptech.co.uk/Spec Sheets/WelchAllyn MR11 10W.htm
http://www.walamp.com/lpd/files/datasheets/ISL305B2.pdf
Once you drop in the ballast efficiency, you are looking at 31.5 - 35lm/W.
Run it for 350 hours, and kiss another 15% goodbye, and you are left holding 26.7 - 28.9 lm/W
Jump up to the 21W unit, and you get 68 lm/W for the bulb. Subtract the 75% efficient ballast(25% losses), and you are left with 51 lm/W. In just 20 hours or so you loose 12%, and that leaves you with 44.88 lm/W.
http://www.walamp.com/lpd/files/datasheets/ISL290b.PDF
http://www.walamp.com/lpd/files/datasheets/LSL013e.PDF
Once you start moving up to 35, 50, things look better, and above 100W you start finding really efficient ballasts.
Every light source has it's advantages and disadvantages.
As far as whether the CREE is more efficient, it depends on exactly what you are comparing it to.