Here's a link to the thread Merkey refferenced:
Effects of using only blue LEDS
To update my statements in this thread there are corals that grow deep enough they only see the blue spectrum refferenced in this thread. Sadly, since then I have seen people kill corals running only intense blue light. Corals that will do well with just blue light do not want the intensity they are likely to be subjected too in most aquariums. Another probelm is no data was given on what species did ok, what was the growth rate and what was the long term survival rate, was it a few months or was it several years?
Unfortunately consumers have been trained to look for "pop" and pet shops have to sell corals. They're not worried about the long term effects on a corals calcification or photobiology.