I went 5 years on my MH, magnetic ballast and then sold them.. sure they are still going.   
 
as for MH being better than LEDs depends on how you look at it.   
 
I am both a MH fan and LED fan, for pure low cost, simplicity and power I would go with MH, but LEDs don't throw heat use a little less power and if you build or buy them right you can change the color.  MH you can move from tank to tank, a custom LED setup only if the tanks are close to the same size.   
 
so basically if you don't mind high evaporation, possibly needing a chiller, and  are ok with spending a few more bucks a month of power for the chiller and lights then stay with MH.   
 
Steve 
		
	
		
		
		
		
			
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