I DID have some impressive SPS, including acros, under LEDs until I accidentally destroyed the drivers for most of the royal blues and temporarily replaced them with (not enough, as it turns out) actinic VHOs. I'm still waiting on some of the replacement parts and things aren't looking that hot in the meantime.
IME we are still somewhat early in the development of standards for LEDs and we're seeing the same thing that happened when other lighting technologies first came to the hobby. Back before most of the current MH lamps were on the market, it was fairly common to see MH-lit tanks with really poor SPS coloration, for instance. The same is true right now for LEDs, though perhaps to a greater extent. If I look back at my own 3 - 4 years using LEDs, I can definitely see a progression. At first I struggled to keep most SPS alive even though the intensity was more or less high enough. Then there was a phase where I could keep most of them alive, but many didn't grow at all. Now I'm pretty much at a phase where I can keep most of them alive and happy, but there are still some weird coloration results. For instance, I have a red planet that's adopted a sort of really neat lime green color. I'm sure if I continued to tune, I could get whatever specific pigments to come out that I wanted and really play with the specific results for specific corals, but I'm honestly not that motivated right now.
At any rate, I don't think we can fault the technology, just the application - and I'm sure we'll get better and better at that over time. As with pretty much anything else new in the hobby, the decision might be partly based on price, features, wattage consumed, cool factor, etc - but it should also be partly based on how much tolerance you have for adopting something that's still being figured out.