I dont know why it has to be a "one or the other" debate. I have been using both MH and LED for a while now and it works very well. I like having the best of both worlds. Mine is a dual system, either one can provide enough light to run the tank. I can now choose, as the seasons permit, which one takes over the dominent role.
I don't know that many (if any) people on here would say that LED alone is "THE BEST", or any single light source for that matter. I am a past MH guy. My only complaint with MH is the heat. For those with the room and ability to deal with the heat, I still think that MH is an amazing light source. I, for one, have my tank sitting in the middle of the family room floor, so I have no way of handling the heat.
I personally have not had good success with T5's, the one and only time I tried them, I had 8 bulbs over a 50g cube and the results were far less than stellar. This in no way means that it is a bad light source, it's just my experience.
This leaves me with only one viable light source for my reef, LED. I have had good success with LED's in the past, however I NEVER conformed to the LED "rules" either. All of my LED builds has been TREMENDOUSLY over built. My first had 24 x 3W Cree's over a 3g Pico. My second (and most successful so far) had 90 x 3W Epistar LED's over a 34 gallon cube. Now I have 456 x 3W Cree's, with NO lenses, over our 300. That is roughly equivalent to 11 Radions.
I personally think that the LED clusters are the answer to the LED riddle. The problem is that manufacturers are still charging a premium for something that only covers 1/2 of what they claim. I also think that too much attention is given to optics for said LED's. Running them without optics eliminates MANY of complaints that people have concerning LED's (though this may be due to the increased number of LED's needed when running without optics). Again, this is just my opinion.
Will LED's replace MH and T5? Maybe, but I strongly doubt it. Each has their advantages and disadvantages. There is NO PERFECT LIGHT SOURCE (except the sun, of course).:lol2: Use what works for you and your tank! If you are happy, and your tank inhabitants are happy, then who cares what others think about it.