Apparently people have been able to trigger coral spawning in their tanks by using moonlights that are programmed to emulate a natural lunar cycle. I'm pretty sure that's the only benefit though (and it's possible that corals spewing a whole bunch of spooge in to your water on the full moon isn't a necessarily a desirable outcome for you). If you're not syncing them to a lunar cycle, I'm pretty sure they're only for your viewing pleasure.
I think they look cool, personally. Let's you see all sorts of night-time things you otherwise would miss.
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