Regardless of efficiency, the phosphor approach is more popular because it produces white light that's tolerable to use. Even phosphor spectra have peaks and valleys though, and evening them out usually reduces efficiency. The most common representation of this is color rendering index (CRI), which measures color accuracy. I think that's usually the right tradeoff, as a little less light with a broad spectrum is usually more effective illumination, but the market is driven by the mighty lumen-per-watt.