I'm on my second go with LED's and am still unimpressed. The first LED's I had weren't great LED's. They were an experiment and they grew coral but color was terrible.
This time I am using a PAR38 bulb from RapidLED. It is not near blue enough for me and I don't get that awesome POP that blue LED's can provide. For my tank it is ubsurd to try and do a DIY. My tank is very simple and must look good. Most DIY stuff needs to be hidden behind a canopy. No way I could DIY something and have my wife approve it.
My colors aren't holding all that well under this LED setup either and I got the 7 LED bulb that has the mix of colors. Warm white, cool white, blue and Royal blue. Rapid needs to make this bulb with one less cool white and one more royal blue.
For me the perfect combo is LED and T5 but there aren't too many options for that right now. A couple companies have made LED/T5 hybrids but they always lack somewhere and they charge way too much.
For me, T5 is still the best option. Sure LED's may get there one day but they aren't there for me right now.