This situation is entirely plausible of course, and I'm sure it has happened so somebody.
There is a memeber named gasman059 on RC that has a very nice SPS dominated tank and has been in the hobby a very long time. He decided to switch to some of the higher end LED units and within 6 months or so he was already taking them down. His corals and colors suffered a lot after going to the LED units. He has a thread in the SPS forum sharing all of his experiences. I believe he was using the AI SOL or something like that.
LOL, I followed Gasman's thread very carefully before purchasing 2 AI Sol Blues. Needless to say, now i'm running two Elos E-Powers 150watt HQI's. I actually switched back to MH before Gasman, I wasn't surprised that he soon followed. I highly recommend AI's if you're staying away from SPS and strictly sticking with LPS and Zoa's/Palys. Now this is very important, I'm not saying that LED's can't support SPS. I have see a FEW beautiful SPS tanks running on LED's, but the fixtures have been custom fitted with LED's other than just the White, Blue, and Royal Blues.
As of now, the reason I feel that there's so much debate regarding "what's better, MH, T5's, or LED's" is because it's clear that there's no one winning fixture. Each one has its strength and weaknesses...
MH = Produces a lot of heat and the bulbs are expensive to change. Expenses might increase with the need of a chiller. On the other hand, it delivers on spectrum, and the ability to grow any coral under the sun. For these reasons, I would highly disagree that MH's are a fading technology.
T5's = No Shimmer (very important to a lot of reefers. After all, our goal is to make our glass boxes look as natural as possible and having that shimmer effect is on the top of the list for manny hobbyist). Still produces some heat but can easily be resolved using a cooling fan, but will in tern increase evaporation (which makes things difficult when using Kalk in your ATO water). Bulbs are much cheaper when trying to achieve a certain spectrum (replacing one or two bulbs). However, when replacing all 6-8 bulbs on the fixture, its equally as expensive as when replacing MH bulbs.
LED's = By far has the most potential. No heat, great controllability (Apex, Profilux, etc), less frequent bulb replacement (however, when the time does come to replace the bulbs 3-4 years down the road, with the current prices of LED's, I believe that it'll roughly be the equivalent as if you had changed 2 HM bulbs ever year. It's definitely not going to be cheap replacing all the LED's of the AI fixtures when the time comes). On the other hand, I still think LED's fall short with SPS (just my opinion, well, and I guess Gasmans as well

)
So, in summary, if there was a super fixture that's capable of producing very little heat, required less bulb exchanges, had great spectrum, has the shimmer effect, and is able to keep any coral under the sun, hands down would take the price. It wouldn't be a matter of "MH -- A Fading Technology" but more "MH, T5's, LED's -- A Fading Technology." For all the reasons stated above, I believe MH's will live to see another day.