[mseepman]

I think LED is the way to go if you plan to keep your tank a while. The current pre-built fixtures out there can leave a bit to be desired, although in Canada we tend to look at only a couple of the fixtures and then make our decisions. It seems that the reef conferences of late have been filled with companies bringing LED technology to reefing but when we discuss LED on Canreef, a lot of the discussion is around the Vertex which is crazy money.
I plan on building a DIY fixture which I will attach to a controller for on/off and dimming. I am in the planning stages of my 290G and previously was going to go with MH / T5 combo (again DIY though, not a fixture) and my plans were going to cost me about $900. Now that I've gone with LED instead (purchased half the items already) the cost to light my 7' tank is going to be closer to $2000 but I'll pay that back in 2 years in bulb costs and electricity alone (not factoring in a chiller if it had been needed). If I build it right, I think there is a good chance that I can try to achieve the 10 years of life that these should give you. There is more elbow grease involved but I'm okay with that.
As for coloring, many of the most recent DIY LED fixtures have found that by mixing in some neutral whites and some normal blues, the colors that we really want can be achieved.