I think that HPS works well simply from being very efficient at turning electricity into light, combined with the fact that plants are pretty flexible as a result of being survival-driven.
As to what optimizes all of the other aspects of the plant beyond straight growth rates, I think that it is pretty foolish to think that a plant that has evolved under full-spectrum light for millions of years is going to excel under narrow bandwidths of light. They can certainly get by with it, and perhaps even bring out certain characteristics more than others, but to equal all of the characteristics of a plant grown in it's native habitat? It flies in the face of reason.
As to what optimizes all of the other aspects of the plant beyond straight growth rates, I think that it is pretty foolish to think that a plant that has evolved under full-spectrum light for millions of years is going to excel under narrow bandwidths of light. They can certainly get by with it, and perhaps even bring out certain characteristics more than others, but to equal all of the characteristics of a plant grown in it's native habitat? It flies in the face of reason.