The way I look at it,if you have enough money to have a super nice done up reef,why are you worried about changing bulbs once a year lol ?
T5's to me personally make a reef tank's and coral's look more natural. I also think the phosphor's used in t5's are better thsn what leds put out ,thus creating a better look tank and coral.
I also feel like you are basically able to MAKE a coral look good with leds,while T5's naturally make tanks look good with no effort.
My zoa's/acan's looked 10x better under t5's. They looked healthier,were more full [my acan's were an easy 1"-1.5" with t5 and about .5-.75" with leds].
I hate that companies never kept the smaller 10"-18" t5 fixtures around or else thats all I would use honestly.
Leds you can play with too much. T5's all you can do is raise or lower the fixture or change bulbs lol.
Yeah,companies like ATI,Giesmann make top notch fixtures but you don't need those to have an amazing tank. So don't listen to all the crap. Off brand t5's are just fine. If you are that hell bent on efficiency,swap ballasts. I used a FishNeedIt 4 bulb t5,with 2 ballasts for 4 bulbs and it worked amazing. It grew everything even light demanding acro's.