I think for this discussion you have to do an apples to apples comparison at various share prices. If the dollar figure of investment is $28,000 (close to Leds example but rounded for easy math) one could buy 20,000 shares at $1.40 or  56,000 warrants at $.50. Following is the math at share prices of $2.05, $5.05 and $10.05.

SP $2.05 - 20,000 shares are worth $41,000, the warrants have probably gone up but who knows to what price for sure as exercised they are only even on face value  

SP $5.05 - 20,000 shares are worth $101,000. 56,000 warrants are worth $168,000

SP $10.05 - 20,000 shares worth $201,000.  56,000 warrants are worth $448,000

I can only speak for myself but to me if I am looking to trade from here to recent prices in the $2 range I would agree that buying shares is shares is the way to go.  If I'm looking to hold until past about $4 I'm considering the warrants a good place to be especially in view of the long expiration horizon.  IMO the warrants are also a cheap hedge against future dilution.

To be very clear I am not qualified to give investment advice, I am just doing some basic math to support my unqualified opinion. As they say DYODD (and your own math)