I think it mostly comes down to aquascape and placing the right corals in the right places with LED's.
As with all lighting your coral placement is important, I guess this is more even more important if you're not running enough fixtures. I had three 52s over my 150 and say is wasn't enough, you have two and say it's plenty....so what's making the difference?
You're right about settings, another way to completely get LEDs wrong is to use random settings that look 'pretty' but are not found in nature, in my case I was using the Apex presets for 10k, 14k and 20k. My acropora was growing pretty well in places, much slower in others, and in a couple of spots they were going pale due to too much light, however generally I was satisfied with my setup, I was getting good encrustation of frags over rocks and for a 6 month old system I was pretty happy.
It's only after borrowing a quantum meter I realised I had problems, areas of the tank where I eventually wanted coral to grow into had very little light, areas directly below the fixtures were getting fantastic PAR. I spoke to the owner of my LFS and he showed me an acropora in their display tank that they got from a customer running Radions, it had the strangest growth pattern, very little branching out but very close branches and growth directly upwards. They guy who had owned it changed to MH but it was too late for this coral so he gave it away as he didn't like the shape.
So.....I'd always suggest getting PAR readings if you're running LEDs, you may think you're seeing enough light, but long term effects could be very different to initial growth as Wazzel said about his shading issues.
After changing to an LED/T5 hybrid I took PAR readings again and have great PAR in all areas, no aquascape change, no strange coral placement, T5s give the spread I wanted....of course I could have achieved this by adding more fixtures to my initial 3 Hydra52s too.