Hi there,
I do indeed have experience and have been waiting for a chance to talk about it. I've been meaning to write a guide for growing tortoise food, using a box and a floodlight.
The idea behind the red/blue LED in the image, is to emphaise that plants respond most to particular frequencies of light. However, it's a bit of a misleading concept and the study it's based on is defunct as a standalone. They do work; however, eye protection can be an issue and assuming a similar model to the one in the image, the biggest issue you will run into is efficiency outside of initial cost.
I would always recommend a simple white light (i.e. broad spectrum, like the sun) as I've found they perform better and are safer; I found 3000 - 4000 Kelvin rated have worked the best. You can also find some extremely efficient LEDs (~200 lumens/ Watt, If I recall the one pictured is around ~40 lm/W)) which are generally inexpensive. For example, buying a 200W led white floodlight for very little would most likely out-perform the one pictured (you have to be careful with wattage and effective 'wattage equivalents').
Really, options mostly depend on how DIY and electronic confident you are, as it can be very cheap / efficient. I won't go into any more detail at this point, however this site I found helpful/accurate on the DIY front.
http://ledgardener.com/samsung-lm561c-b ... g-touches/
https://ledgardener.com/forum/viewforum ... 84d8e5f048
Feel free to ask any questions, I'm more than happy to help on more details.
Jon