For growth, it's all about PAR. Any fixture, LED or otherwise, is Russian Roulette without a PAR meter. ESPECIALLY the DIY led builds. You'd be amazed at how little of a change in current it takes to go from too little to too much with LEDs. Add in all the variations of colors and reflectors or optics and things get even more precarious. T5/MH/VHO have been around long enough and are more evenly distributed lights; it is easier to take a swag and put it on the tank, and you'll be ok. Remember the watts/gallon rule?
As for color, it all depends on spectrum. With NW/RB, my green hornet zoas are green. Add cyan, the rings turn yellow. Do I like that? Maybe, but others might hate it. I think there are a lot of spectral gaps in LEDs that are not there in traditional lighting, especially in the HV and UV ranges, and that light gets used and reflected back as longer wavelengths in a more visible part of the spectrum to give us what we feel is missing in LEDs. Kind of like DayGlow and highlighters--they need UV to look brighter than real. LEDs are going to have to cover more wavelengths before they give traditionalists a reason to switch over.
To me, the Razor was at a price point and controllability level (as well as lack of heat) that made leaving MHs worthwhile, for now. To each his own.