Yes, they're very popular lights for a reason. Having said that, you might want to review
this thread with actual test results for some popular LED lighting products.
One item of particular note is the PAR output and spread of the T5HO fixture that was compared to the Orphek Atlantik fixture. You can easily find this video from Bulk Reef Supply under the "BRS Investigates" search term on YouTube.
The bottom line is that while LEDs are very efficient light sources, they are a good deal more expensive than T5HO for roughly the same results. The main reason for this isn't most LED fixture's intensity - they are very intense, to the point of nuking corals if you're not careful. Instead, it's an issue of spread. All puck-type LED fixtures, including the high end ones from EcoTech, Kessil, and others have significant directionality from the light. That causes shadowing in SPS tanks that leads to atrophied growth in lower reaches of the colony.
That can be handled effectively, and there are many tanks that grow very well with LEDs only. But what you tend to see is a lot of fixtures for a given tank surface area, which is expensive. You might've noticed I mentioned that I have 3 Radion fixtures above a 2'x2' square tank, which if purchased today would run about $1700. I do this for a reason, and it's to control the shading of corals. And yeah, they're cool to have, but the other choice for the tank was an 8-bulb T5HO dimmable fixture from ATI, which would've been far less expensive, including the bulb purchases.
Bottom line - full-spectrum LEDs will grow coral just as well as T5HO and Metal Halide, but they tend to be a LOT more expensive in the short term, even including bulb changes and electricity for a couple of years in the T5HO/MH fixtures.