Now is NOT the time to get into LED's for your main lighting unless you are running a small or nano tank. I've been studying LED technology for 3 years now and have invested in CREE for over 3 years. I also have CREE LR6 LED downlights in my house, which are amazing. The technology is just too expensive right now.
You MUST use the absolute best LED's, to really achieve acceptable PAR rates even in the middle of your tank, 10-12" down. These LED's are expensive and then you are still dealing with how to achieve the best optics to enhance and amplify the light. Wait until the economies of scale catch up and these LED's become much cheaper. At that point, you'll be able to buy an AMAZING LED fixture with a controller that will simluate the lighting at any area in the world, including exact sunrise/sunset, exact spectrum, and randomized clouds and thunderstorms.
I would imagine that someone will write a piece of software that grabs the weather data somewhere in a tropical place, knows the lighting conditions based on season etc... and then the LED controller mimics the weather exactly. I think this is 3-5 years out but it's a great example of how versatile the LED's are and another fine example of how software can make the world a better place.
CREE is still making huge leaps in efficiency and output (lumens per watt). For example, my recessed LR6 lights, which replaced 75w Incandescent lights, use only 12 watts and the color of the light is better and it's even brighter than the 75w bulbs I replaced. I have some installed in a 20 ft high ceiling and they won't have to be changed for another 15-20 years. Each light cost me about $100, so it's going to take a solid 3-5 years to realize a return on my investment, assuming energy costs alone. Now, my time is valuable and gas costs money, so going to Lowes to buy replacement bulbs will probably save me another 1-2k over the lifetime of my LED's. My LED's also give off much less heat, and what heat it does give off, goes above my ceiling into the insulated attic space etc... So in the summer, I'm spending slightly less to compensate for the heat given off etc... So, within the 1.5 years I've had them, they already have chips that give off 30-40% more light and use 10-20% LESS energy. Had I waited, I could have realized a return on my investment in 1-2 year, plus my capital expenditure would have been less, as I can get these for about $75-85 now.
The moral, if you spend 3-5k now, it will take you 5-10 years to pay yourself back, but if you wait 1-2 years, you'll spend 1000-2000 and you'll pay yourself back in 1 year.