I'm comfortable using pwm dimming; however, there have been no studies into their impact on the photon receptors within the host coral. These photon receptors flash on and off and may go out of sync with pwm. There has been research into the use of flashing light with terrestrial plants to conserve energy, but it's still in its infancy.
With proper timing, one could use less energy with the same results as a static on light. If the pulse is out of sync photo inhibition, poor compensation point, or general stress could occur.
Again, I'm no expert and there is no cause for alarm, but it's an issue that you do not face with analogue dimming. Empirical data from tanks running pwm is of little value as there is no clear metric for measuring "success". You are always left wondering if your tank would do better if a parameter changed. Is pwm that parameter? Probably not, but it's worth considering.