Hey just wanted to point out that the Cree XP-G LEDs are 30% more effiecient, produce a lot more light, and cost less than the Cree XR-E's. Now, the XP-G is currently only available in white, however the XP-E Royal Blue is arguably more efficient than the XR-E royal blue, and again just as cheap I think. You can use all the same buck pucks (or MW's) for driving them, or for the XP-Gs use a stronger drive for that much more intense lighting as they can run as high as 1.5A.
Just a note: I'm not trying to derail this thread, so I apologize if anyone takes it that way. I've just been looking into the DIY LED fixtures for a while now, and when I saw this group buy I thought I should at least share what I know and let you decide what you want to do. The one thing I will say is that LEDsupply.com is Awesome for Lenses! I don't know of another site that has lenses for so cheap. But the LEDs... not so much.
If you are wanting to stick with the XR-E LEDs I might suggest checking Dealextreme.com, they aren't always in stock but when they are you can find Q5 bin (best output) for about $5.36ea, no need for a group buy, star mounted, and free shipping!
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http://www.dealextreme.com/details.dx/sku.2394
OR, if you would like to know where a good site is to get the XP-G's (These would be my suggested LEDs)
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http://www.cutter.com.au/proddetail.php?prod=cut937
And here's the Royal Blue XP-E's
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http://www.cutter.com.au/proddetail.php?prod=cut902
Anyhow, that's my 2 cents, I hope it helps more than it hurts. If anybody has any questions they want to shoot me feel free to PM. I don't often run through the group buy section, so I probably wont see any questions posted here. But either way, Happy Reefing and don't forget to share your projects, DIYers Rock!