Andrew:
You probably already know about the Maxspect, just another option if you want to give LEDs a shot and don't want to break the bank.
I don't know, people using them seem to be getting pretty good results.
I'm sure there will be many more companies coming out with fixtures over the next couple of years, I'm anxious to try them myself, just holding off for a while.
http://reefcentral.com/forums/showthread.php?t=1817995