Even at the same current, LEDs today give out far more light energy for the same current than LEDs of yesteryear, and they get better almost every year. It is an area of electronics to which a lot of time and research is being devoted. A modern LED can be glaringly bright and realistically used as a source of illumination at only 10mA, whereas years ago even driving one hard at 20mA or more would have had little more use than an indicator.
It is true that high power LEDs are available which are fed large currents, but that is another subject entirely.
Have a look here-.
a true green 5mm LED tested at 26mA and gives out 14,340 mcd. a white 5mm LED tested at 19.28 mA that gives out 17,670 mcd.
There's a section on IR LEDs and one on UV LEDs as well, it's a fascinating site.
Dave