leds are the way to go if you ask me. i have both leds and mh running right now.
the trick is figuring out where your corals like being placed under leds and how long to run them. the spread is different than mh other than the cannon leds.
i have a 54w jbj unibody where i used to have a 250w luminarc III. the mh was overkill but the corals seemed to love that much light. i thought the unibody wouldn't be enough but it seems to do great. i just leave it on about 2 hours longer than i did the 250w.
i do admit the colors are lacking in some departments but in others you can't get without leds.
the coolest light combo i've seen so far is a 14k pheonix bulb with blue line accent blue led strip. it's a little blue for some, but the blue leds just make certain corals pop with color.
i think led fixtures will change a lot in the next few years. mainly the color spectrum still needs refined.
don't get me wrong if you can find a great deal on a mh t5 setup i'd jump on it.
on the same note if you find a good deal on leds i'd get those also.
there's no law in owning one tank and two sets of lights.