In my reefing career I started with kessil for 3 years over a 150 gallon, I didn't have much growth and had trouble keeping half of my corals happy.
Later I got a frag tank and put a 2x24w bulb t5 over it, the corals exploded with growth and I could actually keep sps.
Next I took the 150 down and added the 4 kessil a360s over a 75 gallon for 6 months, again half the corals went down hill, After 6 months I replaced the kessil with a 4 bulb TEK fixture, and the corals exploded with growth again.
Now I have waterbox 230 with a 3x250 metal halide with 14k phoenix bulbs (I also have 8 t5s in the same fixture but dont use them) and the corals are growing even faster than when they were in the 75 gallon. I will be ordering ballasts for the t5s later this year and utilizing them once I have more nutrients in the tank (currently running fallow).
4 kessil with all the accessories cost me around $2000. The used halide fixture cost me $50 without ballasts or glass shield, it did however have all new bulbs. The halide ballasts cost me $20 bucks a piece, the t5 balasts will cost me $55 each, and the tempered glass cost me 80, then I just needed wall hangers for the fixture that cost me $30. So all in all I have a light that works for $440 rather than a light that doesn't work for $2000. (My used TEK fixture cost me 200 with new bulbs.)
With the halides my water temperate rarely fluctuates more than 3 degrees. with the leds my aquarium heaters were running 24/7. In the summer my ac does a bit more work with the MH but to me its worth it, Ive also noticed its been offset during the winter months as our heater doesn't run hardly at all (I live in phoenix).
I love both t5 and MH, I dont think I will be able to trust LEDs again any time soon, especially with how ungodly expensive they are, unless cree comes out with a high kelvin cob like their cxb series (cxb-3070 5000k rocks for growing macro algae).
On a side note, I dont know if it is relative, but my tanks with t5 and mh have had much higher PH than when I ran LEDs (again I dont know if the lighting is the reason).