You are dealing with a totally different paradigm now. It will be easier if you don't try and compare experiences from your MH/T5 days since the two don't mix. I don't have any experience on these specific lights, but wanted to offer this, for what it is worth....
IMO, there is something else at play here that people don't really understand yet - there is no way that LED are producing too much good light - you can put SPS under multiple MH and the Sun 1" under the water at 800-1100 par and they thrive. Your observation that the corals act differently under "too much" or "too little" light is what most of us have made (fading & looking blah vs browning) and the variable don't add up to the same thing, which is indeed not actually "too much" IMO. My guess is that there is some sort of bad radiation that the coral needs to be slowly exposed to, but I am just a loser on a message board who is only good at supposing.
Also, don't throw your MH out yet - I know about 25 guys who are hardcore into SPS who have systems like yours (high end) and all of them are on MH or ATI and most have had a run with LED of some sort only to abandon them for now waiting for more advances.
Anyway, you won't find too many parallels between LED and what you had before... sorry for the ramblings.