I agree, there is no way currently for us to measure PAR when using LED's. There has been some talk that Apogee is working on a PAR meter that will, much more accurately, give PAR values for LED lighting. I am sure that this is because of the reefing world and our obsession with LED lighting.
Until that happens, I will still use my par meter and add 15%, if only because there is no better option right now.