Water Depth Sumulation
You know, with that "dead/no shimmer look" T5's actually do a pretty good deep-water simulation.
Effects like shimmer, shadows and even
directionality of light actually disappear at around 50 meters (if I recall correctly). Below that, light is directionless, so there is no "sunrise" or "sunset"...light just fades up in the morning and fades out at night.
I always imagined halides as emulating surface lighting conditions with all the shimmer and stark shadows. (I am still a halide fan even though I don't run em anymore.)
Light and Heat
(
@rock_lobster too)
As far as T5 heat vs LED heat.
Heat generated always corresponds 1:1 with power used from the wall. (
First law of thermodynamics)
The main difference conferred by LED is the lack of IR light. No IR means no indirect heat generated by the emitter (i.e. waste light) only to be converted directly to heat by the water. This is a double-whammy against halide and T5 efficiency-wise since, vs LED, extra power is used
just to create heat and waste light.
Reef LED lights don't have any of that action.
+1
Definitely ideal to see lights first hand if at all possible. You're at a disadvantage buying lights sight unseen. (Not in terms of growing corals, just in terms of your own expectations of the look. We are the picky ones.

)
Power Use
If you're just comparing
light power usage, the difference can be pretty significant, but in reality
savings gets shrunk by your heaters kicking on more/for longer to compensate.
You have to do a little work with a Kill-A-Watt meter and the new lights to see what your actual overall $$ saving could be.
Costs
There is still a huge difference in costs between LED and halide/T5 when you add in bulb costs and then figure out the expenses over 5 or 10 years. Even premium-priced LED systems come out on top fairly quick. If you want a little shock, try running the numbers for a basic DIY system vs halide or T5.

Run T5's if you like them. Run MH if you like them. But if you're concerned with "bang for your buck" then your solution has to be LED. (And LED's can do a reasonable job of emulating MH or T5 if set up right...so it doesn't even have to come down to issues of "look".)
A new Cayman/Ballast Combo + Radium 250W will run you $350. Replacement bulbs seem to be $83. 1.5 times per year makes them $124 per year, on average. A ballast for that system will pull around 350W at the wall. At 10 hours per day, that's $153/year.
A comparable LED system
could cost about $800. 190W seems like a reasonable estimate for the LED system....it doesn't account for the ballast, but nobody runs all the LED's at 100% and sunrise/sunset makes our estimate very conservative anyway. 190W at 12 hours per day is $100/year.
Year 1
Halide: $544 (= 350+(83*.5)+153)
LED: $900 ( = 800+(83*0)+100)
Year 5
Halide: $1322....or $265 per year
LED: $1300....or $260 per year
Year 10
Halide: $2295....or $230 per year
LED: $1800....or about $180 per year
Again, if you buy or build an LED system for less, then you're even farther ahead, even sooner.