Personally, I actually dislike the customization potential of LED spectrum. I don't want to spend money on a PAR meter to make sure I'm not frying my corals alive. I also don't really care to mess with every single color channel individually. Give me 10,000K, 14,000K, 20,000K, and maybe 20,000K + actinic or 25,000K settings and I'm happy. As a side note, this is why I like the Kessils so much. Twist a knob to make it more or less blue. That's it. I also have no interest in setting spectrum from my phone or a web browser. There's no need for that added complexity and cost in my opinion. Give me a little read out on the fixture, or an external controller that I can hook up to make adjustments, then unhook when I'm done. My dislike of many of the current LED products aside, it's simply untrue to say that LEDs aren't able to match the coloration and growth of MH or T5s. There are far too many successful SPS tanks out there lit by only LEDs to make that claim.
It's also incomplete to simply compare a G4 and an 8-bulb T5 fixture on power consumption alone. You're not factoring in efficiency (in other words, how much of that power taken in is converted to actual light instead of heat). You're also not factoring in fixture cost. A Radeon G4 is an expensive light to be sure ($650/$800 respectively), but a comparable 24" T5 fixture is not that much cheaper ($504 for an 8 bulb ATI fixture on BRS at the time of this writing). Then, you have to factor in bulb replacement costs. Eight 24" T5 bulbs from ATI cost $160 ($19.99 each on BRS at the time of this writing). If you replace them annually, after 4 years T5s will have cost you an additional $640 in this scenario. More if you have a longer fixture that takes longer and more expensive bulbs.
It's also unfair to say that you must upgrade to the latest and greatest LED fixture, like it's a cell phone. New LED fixtures do have more features and usually better color spectrum, but that doesn't mean the old LEDs will suddenly no longer grow corals. The AI Sol Blue was one of the first commercial viable LED fixture in the hobby. It's downright primitive by today's standards, only having cool white, blue and royal blue LEDs. Yet, there are still amazing tanks out there today lit by these primitive lights. My QT tank is lit by an old AI Sol Blue, and the orange monti cap I have in QT started showing visible growth only a week or so after acclimation.
It's just not accurate to say that LEDs are inferior because there are competing lighting technologies out there that consume similar amounts of power. It's not just about power consumption. There are way too many other caveats to consider. If you prefer to use other light sources than LEDs, that's fine. You should use what you like and works best for you. But just because a light is best in your situation doesn't mean it's the best light out there. Every situation and tank is unique, and everyone has their own preferences.