Yes, LED's produce more then enough PAR to grow corals. Underdriven 3w LEDs tend to do better then a large bank of 1w LEDs but it really depends on tank depth. If your tank is less then 20" deep, a fixture such as the Panorama would be fine. For a deeper tank, look at the Aqua Illumination, Maxcap, or Par38 bulbs. There is a lot of information on this in the lighting and equipment forum. Also read some of the articles at Reef Builders and Glass Box Design.