The limitation is usually not the LEDs themselves, it's the circuit boards and heat dispersion. Without proper heat dispersion, the LEDs will fail prematurely, so the circuitry is usually configured so that they operate at a wattage that gets them past the warranty period. The lights are usually marketed based on the sum of the maximum wattage of the LED's, not on actually power consumption. Most LED are either SMD or Cree, one is not necessarily better than the other, so the statement about them being high quality LEDs is usually true, it's the rest of the light fixture assembly that is probably crap.