I think the overall tone of the topic is that nobody is really sure..ok, they look pretty, they can do lightning storms and adjust color a bit. But my primary objective is to grow the blueist and purplist corals I can, long term. I don't believe that LEDs can do that (yet?). Also, the cost over five years, for new lighting setups may be beneficial over five years, but I couldn't afford a LED fixture up front, even if it's going to save me money in the long term. I can however afford 300/yr for bulbs over the next five years without a problem. It's the same principle of my mortgage, I'd save tons if I had that kind of cash
I have run 400w radiums for years, and continue to do so. I can find years worth of awesome tanks running the same config, so I know that these do the job I need done. LED, at this point, is still a lot of speculation on what MAY be a good lighting system 4 or 5 years down the road.
No lighting system is the best for every application, so one needs to decide what is best for their application, and for me, the MHs are the system of choice. Maybe it costs me more over 5 years, but so what? This isn't a budget hobby, and for my money, I know what I'm getting in terms of light. It's tried and true. 5 years from now, I may look at LED when it's affordable by the common peasant, but for now, to me anyway, it's a rich man's lighting experiment!!