I'm no expert by any means but I learned how to build led fixtures 2 years ago after stumbling on to nano reef forums and seeing all the projects that people had produced for their tanks. So before I began building them I heavily researched led fixtures in all the aspects I could think of such as, coral reaction/growth, heat output, temperature, led diodes and how they work along with how and the type of light they produce, along with many other factors and all the different companies and what not. So here's my opinion on the matter, which is strictly my opinion based on what i've learned and the fixtures I've built and how my corals reacted.
All artifical light produced by the different types of lighting, MH, t5, led's....... all produce the same type of light, corals do not care what type of fixture produces their light source because they all produce the same type of light and they are unable to tell the difference between the different light sources. But what is different about the light produced from the fixtures is the intensity, color temperature, and how the light is cast out (led's produce light in narrow beams, while MH/t5 emit their light in a much broader fashion). We all know how intensity of the light works and that corals need to be acclimated to higher intensities and what not. Led's tend to be the most intense out of the 3 depending on the setup due to not only being adjustable but mainly due to the different optics that are available, with MH's being second, and t5's falling behind the other 2 (of course there are exceptions to this depending on the fixtures and what not, but this is just my general understanding).
And the 2nd difference is the color temperature produced by the different fixtures, which is what I spend the most time researching. MH and t5 have all the different bulbs that are all rated at different kelving ratings, the typical trend seems to be lower K results in faster growth with a more white look while the higher K results in the more blue look but tends to bring colors much more and some also say corals color up better in general with a higher K lighting. I spent a lot of time researching this for my LED builds since Led diodes are limited to producing a specific Kelvin compared to mh and t5 where their bulbs tend to have a much broader spectrum of light being produced (I also forgot to mention that MH and t5 release small bits of UV, particulary the hqi setups). The most common problem I see with LED fixtures made by companies is that the spectrum created by their led combinations tend to be limited and are made to appeal more to how the tank looks to the eye rather than what's more valuable to the corals. So that's the main reason why I build my own led fixtures, this way I can setup my led's to produce a spectrum of light that I think is more benefical to corals growth and coloration. Most led fixtures are missing the trace amounts of uv along with purple/UV led's and also the ratio of the different colored led's tends to be off. With most LED users using commercially sold fixtures I think a large problem occurs with setting the fixtures up correctly in terms of intensity and color spectrum where as mh/t5 is much more hands off where you just plug it in and choose the bulb with your preference on Kelvin rating. So basically a lot of led failures I think are due to user error along with the preset led diodes and ratios that they are in.
The 3rd difference is how the light produced is emitted. MH/t5 produces light in a much more broader way that I think is superior to led's narrow light source for 1 main reason. This is something that i noticed first hand in my tanks, with my led's I noticed that if my sps are planted completely vertical that shading occurs on certain parts of the branches that are underneath the top of the frag or colony, so I started compensating by angling all my corals in a way that the light could hit more of the coral, but this leaves the back side of the coral shaded. MH/t5 don't require this angling method and tend to cast light in a way that it hit's much more of the coral regardless of whether it is directly in the light. So with larger colonies I think their overall health could be much better since mh/t5 tends to bend better than led's so the mh/t5 setups would provide light to the base of the colonies and the parts that are underneath the branches. I don't know if that's the scientific answer to it or not but it's something I noticed inside my own tanks, Led's are not as efficent as mh/t5 when it comes to lighting areas that are not directly in the led's light beam which can lead to stn of larger sps colonies and deterioating health of the sps colony on the bottom half of it.
So my basic overview of it all is that the 3 main types of lighting all produce the same type of light which corals can not tell the difference between what type of fixtures produces their light source but the differences lie in the intensity of the light produced, the color spectrum of the light produced, and how the light is emitted from the different types of lighting. All 3 play a major role in how the coral grows, colors, and overall health of the piece. There's also loads of other differences between the 3 but those are the main differences I've noticed in terms of the actual light that is produced into the tank which is what the corals are all soaking up aka the most important thing when it comes to our sps tanks. All 3 types of lighting can grow and produce beautifully colored sps corals efficently, I don't think anyone can say what lighting produces the best colored sps corals and which can grow them the fastest since there are many factors that take place that affects this. Also when switching between the different types of lighting the corals will need a break in time before anyone can say that this type of light can't grow or color sps as well, typically it takes between 3-9 months for SPS to completely adjust to the new lighting, the time it takes to adjust varies since sps is so diverse. Some corals start growing/encrusting right away while others take half a year before they do anything, but after enough time in my tank they always seem to adjust and take off in growth if given the proper environment to thrive.
I will not say nor do I think anyone can say that any light source is inferior to others, they all have their pro's and con's and I think it really just depends on what your comfortable with. Personally I don't think I'll ever change from led's, mainly because I have a lot of fun building them and the control that they offer beat's out the other types of light in a huge way. Being able to create sunrise/sunsets and being able to adjust the differenent diodes to exactly what I want is just awesome, I typically change my kelvin temperature every two monthes switching between a lower kelving and a higher kelvin to offer my corals the best of both worlds (faster growth/better coloration).
Sorry for the lengthy post, but that's a general idea of what i've researched and noticed inside my tanks. I'm not saying that I'm right and every body else is wrong or anything like that, but the above is just my un biased opinion on the different types of lighting and the affects it has on my tanks (and yes I've owned all 3, and never once did I blame my lighting on why my coral wasn't looking great or dieing, all 3 can grow and color coral well).