So to keep things simple for all i am just going to use round numbers and an online calculator to show the inefficencies of running a single LED at 12vdc compared to 5vdc.
The calculator is as
http://ledcalculator.net/Power supply = 12vdc
LED voltage drop = 3v
LED current rating = 20ma
Number of LEDs = 1
The calculator reports
You will need 1 x 470 ohm 1/4 watt resistor.
Each 470 ohm resistor consumes 188 milliwatt.
Total power consumed by the resistors is 188 milliwatt.
Total power consumed by the LEDs is 60 milliwatt.
Total power consumed by the circuit is 248 milliwatt.
Total current drawn by the circuit is 20 milliampere.
Power Supply = 5vdc
LED voltage drop = 3v
LED current rating = 20ma
Number of LEDs = 1
The calculator reports
You will need 1 x 100 ohm 1/8 watt resistor.
Each 100 ohm resistor consumes 40 milliwatt.
Total power consumed by the resistors is 40 milliwatt.
Total power consumed by the LEDs is 60 milliwatt.
Total power consumed by the circuit is 100 milliwatt.
Total current drawn by the circuit is 20 milliampere.
So the basic comparison
12vdc you will use 248mw
5vdc you will use 100mw
Now that is a 248% increase in energy used for the same light which means you need more power supplies to run the same amount of lights and an increase in your electricity bill.
More energy is being dissapated through heat than what is used to drive the LED at 12vdc