Here is a lighting test that I filmed as Director of Photography.
It was a challenge to expose various LED lights to match with our baseline - an Arri tungsten setup. We achieved this by mounting all the different light heads in similar 3-point lighting positions and paying attention to the readings on a light meter. The intensity of the light was controlled by varying the distance from the subject. I referred to both incident and reflective light readings to make sure we were able to balance everything correctly. We even checked color temperature readings to make sure they matched. To they eye, the colors seemed to match between different brands of lights, but looking through the camera, you can clearly see how various light sources render differently.As for the camera - we used an Alexa plus camera in 16x9 configuration. The camera was set to record REC 709 onto the SxS cards. No color correction was done to the images - what you see is exactly how we recorded on-set. The same lens was used for the whole test.
The L7-C light from Arri is amazing in it's ability to emulate existing studio lighting. It's definitely closer in color rendition to tungsten lighting than anything else on the market.