you're forgetting one KEY aspect about 110 they Captain.... (

)... 110 means you don't need to worry about battery life. Sure a lot of the better flashlights have high output modes that suck juice fast, but I'd bet NONE of those modes are FULL power of the LED or it'd kill the battery even quicker. 110 just means it's got unlimited power behind it so they don't have to throttle them back. I also doubt they're high power (especially in a harbor freight product) but I'm guessing it's got decent output.
Just think of it this way. What's the point of a shop light? If it can't throw out a significant amount of light (granted the color doesn't matter much for shop applications) it's worthless. The whole point of shop lights are to put so much light on a subject you can see all the imperfections very easily. So w/o the power to the light, a normal old incandescent could do the same thing, but shop lights exist because incandescents aren't powerful enough....
the reason LEDs would be very nice in a shop light is 2 fold (from my use). First off LED's don't break or burn out. I've gone through ~3 bulbs in my hologens here in my light booth in ~5 years. Not a lot but the ends usually shatter when they go (porcelain) so it's a PITA to clean up and get it out. Second is the heat, I've almost burned/melted quite a few things with mine when I'm not paying attention...
but if the color is an issue they won't work, but I'm still curious.