Minh & Marc are way more experienced in the field of reefkeeping than I. However there is some science here. White light is made up of all the colors of the rainbow, with red having the longest wavelength (lowest energy) and violet having the shortest (most energetic photons). When sunlight hits the surface of the water, after having passed through the atmosphere, some of the light is absorbed, some reflected, and some transmitted. Due to the structure of water molecules, blue is the wavelength that is least absorbed, and that which penetrates the deepest into the ocean. It is also why water looks blue. Blue light is what reef animals living at more than a couple of meters depth receive the highest abundance of in the wild. That is the science part.
So I had always thought that it should be healthier for the animals to receive in captivity similar light to what they get in the wild. If blue is just for looks, as Minh & Marc say, then maybe we only use it to get them to look more like they do in the wild.
I do know from the molecular structure of the chlorophyls (which is quite similar to hemoglobin) that there are certain wavelengths which are better at stimulating photosynthesis than others in terrestrial plants, green being the most reflected (least absorbed). But the red wavelengths just don't penetrate water to any degree at all, and the zooxanthellae do not all use green chlorophyl for their photosynthesis!
Sherie