To get a real representation of the coral color, I take frags outside. If I wanted to artificially color them, I could tint the glass blue and purple
Seriously, MH has another 10 years on my tank before it's outdated. I have yet to see a tank with LED that I like, and I sure wouldn't spend money on doing that to my tank. No, I haven't seen a lot of tanks lit by LED, but of those I've seen, I haven't liked any yet.