I was out of the hobby for over a decade. Excited by all of the LED options available when I got back in a couple years back. After a year of futzing around with LED's, I picked up a 250w hamilton for my 60g cube. I upgraded to a larger tank, and went with T5's. Either way, I just don't think LED's are quite 'there' yet. Yes, you can grow corals with LEDs, but if you look at initial costs (especially on a larger tank!) and coral health... I'd still choose Halides or T5's. Some of the combo T5/LED's are interesting, but the prices!
Eventually, LED's are going to surpass other lighting choices... It's inevitable. I just don't think they're quite 'there' yet. Imagine an LED video projector... a full blown LED projector, inverted over your aquarium, with a controller that allows you to replicate a bright sun moving across a brilliant blue sky, add in a few drifting clouds, perhaps a storm once in a while, a moon that matches phase, motion, and duration... with the color matching and blending that is available on today's LED TV's. It'd be incredible.