The lumen/watt figures on many/most Avago LED datasheets (and the ones of preceeding Agilent and HP) are lumens out per watt out. That figure is for conversion between radiometric and photometric units, not a figure of how efficient the LED is.
The most efficient green LEDs I have found so far are Nichia ones with "A" revision letter, such as NSPG-510AS. Their quantum efficiency as a function of current appears to me to be maximized around 2-3 mA. I forgot what my determination of that was however - maybe 25-30%. Multiply that by (2.3 eV/photon)/(2.7 V voltage drop at that current) and conversion efficiency is about 21-25%. The dominant wavelength at that low current is maybe 535 nm, and I seem to think that such light of InGaN LEDs has a luminous efficacy (lumens per watt of radiation) of about 540. So the "overall luminous efficacy" (lumens out per watt in) appears to me to be about 115-135.
- Don Klipstein ( snipped-for-privacy@misty.com)