Thanks mseepman, I appreciate the site. I also did some looking around and I came upon this retailer at another forum.
Link:
http://www.aquariumadvice.com/forums...rs-237350.html
Now I did some comparing and saw that at reefsupply, there are some similar lights with Cree LED. However, the prices are bit higher than Pharos. I know that they offer a little more functions than Pharos but at the given price point of $440. I think I might jump on this deal. Looking at the youtube video and comparing to that of the other ones I saw at reefsupply, I think it looks promising. I know I still have some time to decide, since the sale last till Jan 12th. Let me know what you guys think.
The brands of LED I used for reference Ecotech LED Lighting & 24" Sun Brite F-Series LED Fixture.