Let me just correct a few things.
HID bulbs are no where near $200 a pop, and the new bright LEDs are not cheap either.
You can dim HID bulbs, no one in the dive industry can get a ballast that will do that, yet
I don't cycle my light, however, again, you can cycle an HID. But again the dive industry is not using ballasts that can "hot strike" the bulbs. But it can be done.
If HID is dead why are automotive companies still progressing with them?
...OK, today, over on DiveRiteExpress :
LT6505 HID Bulb, 24W $176.40
..also here's DiveRiteExpresses viewpoint:
"LED vs HID Technology
Heraclitus, a Greek philosopher (about 500 BC), wrote "Nothing endures but change."
LED technology has advanced to the point where the LED brightness of 1000+ lumens is now greater than 10W HID and 15W HID. Although LED is much lower cost with a better color temperature, HID does still offer some higher light output solutions. While the laboratory meter reading of the 21W or 24W HID bulb is 1200 to 1500 lumens, in use underwater there is very little apparent difference in brightness between these and 1000+ lumen LEDs. LEDs aren't going to catch up to the 2500 to 3500 lumen outputs of 35W or 50W HID anytime soon, but they are used almost exclusively to light professional video. The HID bulb and reflector can create super tight 4-degree focus beams and also provides beam width adjustability. However, LED is catching up and the latest generation of LEDs are now able to provide 6-degree beams. The adjustable beam width feature has not proven important, in practice few divers actually use it (again mostly photographers).
The cost and hassle of bulb replacement for HID compared to the long life, robust nature and extremely low failure rate of the LED means that HID has reached end-of-life for dive light applications. There are certainly still HID lights around and plenty of long time divers will swear by the HID lights they own. But when considering the purchase of a new light, the reality is that for exploration diving the incredibly bright and low cost LED lights are a terrific value. As LED technology is continuing to advance rapidly, the demand for HID underwater light systems has dropped to the point where we no longer stock HID style lights. When shopping for LED lights, don't pay too much attention to the wattage ratings of the LED, it's not a good indicator of the light output as were HID wattage ratings. Our best advice right now is to compare lumen ratings and burn times.