A lot of newish research is showing that LEDs (at least newer generations) are more than adequate to grow and show any kind of corals. As mentioned above, a lot of the 'names' in reefing are making the switch and having great success.
Just remember that stability is the key to successful fishkeeping. Just because your LED lets you manipulate 1,500 variables does not mean you should.
That said, LED, MH, T5 will all grow coral.
For me, on a big tank, I did the math on fixtures and bulbs and after breathing into a paper bag for a while, 16 3' T5 bulbs (2 8 bulb fixtures) every 9 months was $480 every 9 months. The fixtures were $900 each. 3 LED fixtures was $3,000 and would last for around 10 years. Electricity was about the same. Even if LEDs were slightly less effective than T5's the cost savings were worth it in just over 18 months.
Charles
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Where did my rum go?!
Success in this hobby does not count how you spend your money, it counts how you spend your time.
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