Okay I edited it. I was wrong to post what I did...
Seriously though, This question has arisen SOOOOOO many times before, and has been beaten to death, dragged through the mud, resurrected, shot to pieces, re-kindled, chewed-up like a soup sandwich, regurgitated, expectorated, walked on, burned into the fabric of the universe, and answered literally ALL OVER this website.
I really do not mean to go on a tirade about it, but HOW many topics are there on these forums that have Color discs and filters as the subject matter?
FACT: Color discs drop your lumen count because filtering the colors from white light changes the visible spectrum of the source by filtering through ONLY the color of the filter. White light is consisting of infrared, red, orange, yellow, green, blue, violet, and ultraviolet. If you block the other colors out, your lumens change. (that is the measurement of visible light that falls in an area) Candela is the measurement of the light source's output....
FACT: Solid color LED's will ALWAYS appear brighter (and cripser in color) than a white LED with color filters. Although a HIGH quality filter with a good transferrance, and a high candlepower white LED can be comperable, but you have to take into account voltage and current requirements and limitations of the LED for the desired effect. You also need to make sure your electronics can handle that voltage and current.
For example The normal forward voltage for a Lux V is 6.84V and it draws a current of 700mA. An MR board can more than handle the CURRENT, but the Voltage requirements of the LED are higher than an MR board can normally handle. This is due to the fact that in order to light a Lux V at optimal brightness, you need a battery output of voltage higher than the target voltage of the LED. Running anything more than 6 volts through an MR board will make the magic smoke appear sooner or later. Anything over 6.5 and you can kiss the board goodbye.
FACT: Color discs can be neat for variety if you want a white blade, but want to change up now and then, but don't go expecting AWESOME results from a lux III white with the discs. It just won't happen, and you will be setting yourself up for disappointment.