I've used lots of inexpensive leds in the past, and still have one, an OceanRevive T247, over my frag tank (2'x2'x10") and the corals do great. We have a pretty good size local club here in SW Florida and because I have a PAR meter, I get to go measure PAR for a lot of members tanks. The $100 to $200 basic 2 channel, manual dimmer led fixtures (most or all made in China) work just fine. I've been in the hobby for 12 years and used compact fluorescents, 150 watt and 250 watt Metal Halides, 4 bulb and 6 bulb t5 fluorescents and $100 to $750 leds. They all make light and they all can grow coral. It's more about what you want in the way of the look in the tank, the features of the fixture and the cost.
I loved my MH/t5 combo fixtures, but in SW Florida that meant a big chiller as we keep the house at 82F for 7 to 9 months of the year and my house A/C and chiller used a lot of electricity to control the heat. So I switched to leds 5 years ago and my fixtures have paid for themselves in electricity and bulb replacement savings in 2 years. For those of you up north, the heat is probably a LOT less of an issue. But besides operating cost and heat savings, I like the color control (2 channel is good, 6 channel control is really nice but a luxury IMHO). Sunrise/sunset control is also nice, but again, a luxury that your corals really don't give a crap about. It's for us to have fun playing with!
Look at MarsAqua, OceanRevive, Reef Breeders and a few others for decent quality fixtures in the $100 to $200 range. They all use 3 watt leds and work well over 24" and even 30" deep tanks. The 0.25 to 0.35 watt Current Orbit is much better suited for a fish only tank or a 12" deep tank.
