As Mr. Bill mentions, LEDs put out quite a bit of heat.
At the present time, the very best LEDs in the lab have higher reported efficiency than the very best T-5 lamps that you can buy, in the 100 lumen per watt range. I take both numbers with fairly large grains of salt, but it gives you an idea of the comparison.
What this number means is that when you put 1 watt of electricity into the lamp, you will get roughly the _same_ amount of light out, with the rest going to heat.
Where LEDs have gained the reputation for not producing any heat is the fact that most LEDs are used at very low power levels; say 1/20 watt or so. But if you've ever dealt with a high power LED operating at 1 or 5W, you know that they can get quite hot.
LEDs have some characteristics that make them very useful for many applications. In many ways, they follow different 'scaling laws' than most other light sources.
LEDs can be easily and efficiently dimmed. Generally, LEDs get _more_ efficient when dimmed, not less. Contrast this with most other light sources when dimmed!
LEDs can be easily manufactured to operate efficiently at very low power levels. A 1/20W LED will be very efficient; but you won't be able to get 1/20W T-5
At low power levels (below 1W), LEDs are easily the most efficient light sources available.
LEDs become more efficient at low temperatures. This is probably a big win in a cooler; the efficiency and light output of the LED will go up, that of the T-5 will go down. But the downside of this is that LEDs cannot tolerate high temperatures. While a 32W LED and a 32W T-5 might generate the same number of watts as heat, the LED will require extensive heat sinking in order to keep the junction temperature low.
LEDs are _very_ expensive compared to other bulk light sources, though the price is coming down all the time.
-Jon