HIDs are the most cost effective way of greatly increasing your light output and can be retrofitted into most headlights. The draw is significantly less than halogens as well.
LEDs are expensive and for the most part can not be retrofitted, thus you are stuck with auxiliary lamps. Personally I run LED auxiliary lighting on my truck, again LEDs have a much lower electrical draw than halogens, but to me their main strength is their toughness, much less to fail in LED lights. I've had mine underwater for a couple hours, pushed through tons of bush, have done thousands of kilometers of fast, bumpy off road driving and my LEDs have never failed me. I still say HIDs are the way to go if you're budget minded, and especially if you want to keep your factory lenses. In my case I can buy the 7" round LED headlights as a direct replacement for my truck (but they're big $$), while most of you in the states don't have the old school roundies on your 2nd gens.