I would say a whole lot more spectrum, because were talking about excitation emissions that could occur at any place along the visible spectrum, and some even outside of that, whereas LEDS are discrete emissions within a narrow band of 5-10nm for each diode bin. It is still hotly debated how important this spectral variety is. Where leds fall short in spectral variety and coverage, T5 can pick up the slack.
As an avid coral grower of all types, I definitively say that for a majority of Acropora, nothing matches color and growth of MH or T5. And my personal opinion is that it is because of spread and spectral variety outside of what current LEDs can offer.