Here’s the real scoop: (I’m an electrical engineer who primarily does roadway lighting):
#1) You can’t look at lumen output for a direct comparison. The delivered lumens from an LED will be greater than the delivered lumens from an HPS lamp of similar brightness. The optics on an LED roadway/area fixture (at least good ones) are precisely aimed for each diode. There is an acrylic or polycarbonate lens over each diode that aims the light on a more direct line. Therefore the efficiency of the optics is higher for LEDs.
#2) Due to the more precise aiming of light, the distribution of an LED luminaire is going to be much more uniform than an HPS area luminaire. The HPS will have a very bright spot (that eats up most of the lumen output) directly below the lamp, which then fades rather rapidly to the edge of the light distribution. The LED luminaire will not have a bright spot, but will be much more evenly lit, spreading the light out. Often, an LED luminaire with half the light output of an HPS will have similar minimum illumination. Average illumination may be lower, but it’s more or less irrelevant, since most of that average bump is from the hotspot below.
#3) As mentioned above, the color temperature of the lamp will also produce a whiter light, which makes it easier to discern things. There’s a whole range of discussion that can be had on scotopic vs photopic illuminance, but that’s a sidebar you don’t need to have. Just know that the non-orange light makes it easier to see.
Also, as mentioned, the LED you’re looking at is relatively inefficient. Many commercial area lights are around 85 lumens/watt delivered. Modern LEDs (bare) are around 161 lumens per watt, but most fixtures aren’t delivering that (and those are only in most recent updates). Still, as mentioned, you don’t need as much overall light to properly illuminate the same area with an LED fixture. Exact requirements are hard to detail, but typically I’ve been able to replace 200W HPS luminaires with 125-150W LEDs and get better light distribution.
As far as life goes, the LED is going to last more or less forever. The LED driver will generally fail well before the diodes. Life for an LED is measured by the L70, or the expected point that light drops below 70% of initial. Typical current lumianires are in the 50-100,000 hour range for L70, though recent redefining of how this is tested means that manufacturers can only extrapolate their testing so far. However most LEDs are performing WAY beyond their rated extrapolated life, such that many LEDs are really at about 90% of initial at the 50,000 hour range.