Temperature is what IMO the biggest issue with Halides. I ran chillers in my past MH set ups, and the heat of the chiller along with the fixture was overwhelming. That made me venture to try leds.
Now I run the tank in a basement room with constant AC and the temp is a steady 78 all day. When the lights are on, that climbs to a 79.5 tops. Having a constant AC in the tank room is the key to beat the heat.
Heat taken care of, MH is an easy slam dunk against leds. Bulb replacement isnt an issue either as for $160 a year I replace both Radium bulbs in my fixture. If I grew my corals and fragged for profit, I could get that back 4x with just my high end sps alone that would look much better than under leds.
Also, I actually like to replace MH bulbs vs Leds. When I get a fresh MH radium out of a box, I know my fixture will run like it did when it was brand new, so drops in intensity never cross my mind. Leds diodes are degrading over time, how much nobody knows. Run your leds at 100% intensities everyday and time is ticking away.
In other words, that “initial high investment” of led fixtures wont last even close to as pitched. As a matter of fact I have realized switching LEDs(I could never get satisfied) made me spend LOTS of money, I actually dont want to think about it. Lets just say I could have bought MH bulbs for my lifetime.
Leds did not save me any electricity as I ran more led fixtures to get best possible coverage. It is an even battle. I guess color is subjective to the eyes of each one independently. Some would say I had great color in my led system while I thought it didnt as I knew what these corals looked like with MH.
Some have success with leds, no doubt. It isnt an easy task dialing in all factors together, even for experienced sps keepers.
If I had LPS, leds would be it. Sps, MH all day.
To leds credit, I cant skip the blue leds for pop. Dusk and dawn under blue leds are a must IMO and arent replaced by blue spectrum T5’s.
Blue leds serve the purpose of highlighting the good work done by the halides in my tank LOL.