I actually contacted an LED bulb supplier about 50W bulbs and this is what he said:
"The 50w leds only draw about 7 watts of power, so they will be far less draw than your present bulbs and stay cool to the touch when lit.
Explanation:
The led wattage is the max wattage rated of the leds in the bulb when driven at full power. Leds must remain cool when lit or they will fail, so high powered leds when driven at full rated power require massive heat sinks in order to draw the heat away from the leds. The P15d25-1 bulb is not large enough to fit a 50w heat sink, so to compensate, they must be driven at a reduced wattage to assure the leds do not overheat.
50 watts of leds at full power would produce more light than the brightest street lights, but that would require a heat sink as large as the largest street lights."
I think I'm going to get a multimeter on my 80W bulbs this weekend and see what they are actually drawing before ordering replacements.