Just to help you out on choosing right LEDs, here is some more info.
LEDs have three major parts, LED, Heatsink, Power supply.
The LED should be the most efficient on the market when you purchase them. The reason you would be buying LEDs is because of the efficiency. So for very little power, you are producing alot of light, that is what efficiency is about. Now if you have a non efficient LED, then you are produce less light for same power, not good, not what LEDs are about. This is why 3w CREEs is leading the market right now.
Heatsinks are the next major part of LEDs. LEDs need to stay cool otherwise they will die prematurely. If you keep a LED at its optimal temperature at 12hrs a day for 10 years its still going to put out 70% of the light it did on day one. NO SPECTRUM CHANGE. That means you never need to change the LED like you do with MH every 9 months. Less cayno, more $$$ in your pocket, more growth, etc etc
Third is the power. Most people will keep the power at 70% of max power the LED can handle so the temperature stays down and the LEDs last forever.
Now thats the three major parts, but there is one more very important thing that many people seem to leave out to save money. Leaving this out will just make your LED project fail. That is OPTICS.
Optics are like very good reflectors for a T5. Most people know if you just throw a T5 in a canopy, it will make light and it looks fine to you but if you put a good reflector on it, it will make a world of difference. An optic on an LED does the same. Optics control the light and focus them on your corals. It may look fine to a human eye without the optics but you are really loosing alot of light and the correct amount of light isnt penetrating the water as you would expect it and then people think the LEDs don't work because corals dont grow, etc. Take a read here on optics:
http://www.ledgroupbuy.com/pages/Cho...ght-optic.html
If you judge LED effectiveness on a setup that doesnt have Optics I can tell you right now it will be a fraction as effective as a setup with Optics.
Now that all said, I believe elias is on the right track with his build. Hes got the right LEDs, hes got the right Heatsinks, hes got the right power supplies and hes got optics on his LEDs. I would go look at his build once hes done and be shocked. Take sunglasses and an extra pair of undies.