Actually it's very possible to reach photoinhibitation even for shallow water SPS with today's lighting equipment. Some shallow water SPS have a relatively low photoinhibitation points such as mid 350 PAR. The myth seems to be that if a coral grows in shallow water, it must have a high photoinhibitation point which seems to be incorrect (at least from the studies we have found).
The real question is why such corals settle in shallow water when they can't possibly use the light available. No one has a definite answer to that yet. One guess is that the coral settle in shallow water by "mistake" base on the chemical cues from algae that grows between or under rocks which receive relatively little light. In another word, the corals are guided incorrectly.
Another popular believe why they settle in shadow water is that if the condition is hard for you, it's also going to be hard for your competitor. In other word, these corals settle in shadow water not because the condition is ideal but because it's NOT ideal for their competitors. There are lots of such examples in nature.
Generally speaking, most of us don't really have to worry about this sort of things because (like you said) corals are pretty adaptive so as long as you slowly introduce them to the new lighting, it's very possible they can accomodate a large range of lighting condition.