I remember when people were trying to see what could grow under T5 lighting. A lot of people assumed it wouldn't be as good as VHO, thinking it was more like CF... and certainty wouldn't grow SPS..
Now nobody runs VHO, and few run CF.. Either T5, MH or LED. Can the hobby support 3 different types of lighting? I believe so, historically it has. Will LED kill T5 and MH just as T5 killed VHO and CF? I'm doubtful, a lot of people don't like the way LED's look or the light coverage. It isn't a "no brainer" kind of switch like T5 was. (Although CF still exists, mostly for it's lower cost)