To be fair, I don't beleive that's an accurate reflection of Peter's comment regarding LEDs. Many early adopters of LEDs (myself included) are struggling to reproduce the best coloration obtained previously by MH/T5s (specifically, some reds are very difficult.) IMHO, we're about 95% there and it won't be long until the missing spectral spike is identified and accounted for by simply swapping out a few LEDs.
The quest for perfect coloration aside, when considering all other aspects (massive PAR, growth rates, thermal and electrical efficiency, compact size, 10+ year bulb life, "greenness", dimming, variable optics supporting multiple mounting options...) LED's are well ahead and I believe they will eventually represent the bulk of reef lighting - at least until Plasma coloration issues are resolved.
To support my point, all one had to do was observe what lighting technologies took center stage at MACNA. I saw no "game-changing" advances in MH, T5 or Plasma (save perhaps the 95 watt VHOs which unfortunately did not survive shipping.) LEDs were quite simply everywhere.
While LEDs may or may not currently represent the optimal choice for Peters tank, there are thousands of reefers proving that LED illumination can definitely "cut it" when it comes to growing all types of coral.