DWZM asked me last week if I could help shed some light (pun intended) on the color-loss issue with the corals. I'm a little late to the game since I haven't had the time the past week to write out the long response this question requires. Hopefully I'm not too tired to keep this post coherent tonight.
First of all, I'll tell you right off the bat that this information is really more for your consideration rather than making good recommendations about what you should do with the lighting setup. Even with good data, there are way too many unknowns on the subject of coloration in corals to make specific suggestions. Without more data it's kind of like taking a car to the mechanic and telling him it's just not running right and expecting him to fix it.
What I told DWZM earlier is that when you're trying to design the best lighting, you need to consider the effects of the light on the animal and the effects of the light on the zooxanthellae since they behave very differently. They've been sort of lumped together here which makes an already confusing subject even more so. You also might want to think about the efficiency of your lighting vs. the output spectrum.
First, consider the animal. The bright colors that most hobbyists want from their corals are produced by the animal and have nothing to do with the zoox other than that they can reflect light towards them or they can shield the zoox from the light. They modify the spectrum and intensity of the light hitting the zoox. The regulation of these pigments is poorly understood, but their production and location in relation to the zooxanthellae (above or below them) is thought to be dependent on lighting intensity. The actual spectrum of the light is of secondary importance. A common misunderstanding here is that they are induced by UV light, which doesn't seem to be the case. UV induces production of mycosporine-like amino acids, which are the sunscreen for the coral. They don't contribute to the color though.
Dana Riddle has an excellent series on the effects of different lighting on the production of coral pigments.
http://www.advancedaquarist.com/2009/1/aafeature1/view?searchterm=
http://www.advancedaquarist.com/2009/2/aafeature1/view?searchterm=
http://www.advancedaquarist.com/2009/4/aafeature1/view?searchterm=
Second, consider the effects of the light on the zoox. Again, intensity is thought to be more important than spectrum in most cases. One of the most common ways to measure intensity, and probably the most familiar to hobbyists, is PAR. It's nothing more than an unweighted count of photons hitting a surface per unit of time. Except at low intensities or under spectra very skewed towards a particular color, this tends to be a good metric for photosynthesis.
But hold on. Where does the activity spectrum come into play in all of this? The activity spectrum tells you two things. The first thing it tells you is what percentage of photons of each color are absorbed by the zooxanthellae. The second thing it tells you is the relative intensities required to reach saturation for each color. Also, it's important to keep in mind that the activity spectrum is for the zooxanthellae in isolated culture, not as it occurs in the coral. Even if you had a light tuned exactly to match the activity spectrum of the zooxanthellae, it would be modified by the coral before it even got to the zoox, so trying to to approximate the activity spectrum isn't necessarily the goal to shoot for. What the activity spectrum does NOT tell you is how useful a photon is for photosynthesis once it is absorbed. All photons within the PAR spectrum are equal in their ability to produce sugar after they are absorbed. A blue photon has more energy than a red photon, but only the energy equivalent of a red photon actually gets converted to sugar. The rest gets lost as heat or fluorescence (but you won't see it without special equipment).
So what does that mean? It means that they're very good at catching blue photons, but most of that energy doesn't go towards food. On the other hand, they're only ok at catching red photons, but most of that energy gets converted to food. The difference between the two cases is usually not very important except when the intensity is well below saturation, so there are few photons available. Otherwise you're talking about something like 40% chance of catching each of 10^20 photons, which is still a pretty good chance of catching a lot.
Since the difference doesn't matter much at higher intensities, we can use simple measurements like PAR to get a decent idea of photosynthetic rates. The more PAR, the more photons hitting the surface, and the more photosynthetic reactions taking place... up to a point. That point is saturation. All saturation is is a point where so many photons are being absorbed that the electrons they excite cannot be shuttled through the chain reactions any faster, regardless of how many more photons you bombard the zoox with. If intensity continues to increase, the zoox start shunting some of the electrons into other pathways (actually this is occurring earlier too, just not as much). The transfer of electrons down the chain is a bit sloppy too, so some leak out and form reactive species. As intensity increases you start to get into sort of an I Love Lucy situation where the sloppiness increases and you get more and more reactive species being formed and more damage accumulating from their interaction with cellular structures. That causes the rate of photosynthesis to drop off (photoinhibition), and if it happens for a while, it leads to bleaching.
So in theory at least, bluer light gives better photosynthesis (though only marginally except cases well below saturation) and better coloration. Higher intensity does the same, up until it becomes too high and causes damage, in which case it can slow growth and give washed out color.
With lamps like MH and fluorescents that don't have much tunability as far as input wattage, the rule of thumb is that bluer bulbs have lower PAR due to basic physics. If you want to increase intensity without a lighting upgrade you have to change to a yellower bulb. However, LEDS should give you more options to change intensity independently of color, which is a bit of a game changer.
If this were my tank and I was having this problem, I would try to get a PAR reading to give some vague starting point. Is the intensity high or low? Unless it's very high, I'd probably just tune the light to be a little bluer if it's possible. If it is very high, I'd probably leave the color the same and turn it down. YMMV.
Yes, it is all very confusing, even for people like myself who are supposed to understand this stuff, but hopefully all of this helps just a little bit.