Way back in the beginning of my reefin', I had 2 different night lights. I had a blue light that I used to simulate the moon (from 1st quarter through full moon to 3rd quarter), and a red light I used to view the tank during the half of the month including the new moon. It seemed by the behavior of the tank inhabitants they may not "see" the red light.
How would one devise an experiment to tell what spectrum is more or less intense to critters? I have seen some of the work which 'shows' that butterflys "see" ultraviolet, and that snakes "see" infrared. There are some assumptions there. We can measure photon intensity & compare that to human's subjective impression (by asking) to determine what spectrum we see better. It is much more complicated with animals - we can't ask them how bright it looks. Either they can see, in which case they will respond to visual stimuli, or they can't, and then they won't.
I think as long as you are keeping healthy animals (and Shilo, I think one question you are asking is will the white light cause insomnia & stress them out?) the most important factor is what is aesthetically pleasing to you. I personally think blue mooonlights are cool - I now have blue LED's on a monthly timer to simulate the moon phases.
The only other thing I've run across which is important: Black light is a NO-NO. Research I read in the 90's said that a black light quickly damages the DNA of corals. Although I've never read that the black lights we lived under in the 70's hurt any of us, :wildone: solar UV is bad for humans. Caucasians get skin cancer after around 40-50 years of sun UV exposure (remember - wear sunscreen) and our DNA is damaged way sooner than that. Apparently coral DNA is sensitive to black lights. I personally am not willing to risk my critters!
Come to think of it, I am going to look for a red LED for better night viewing without disturbing my tank's nocturne. Thanks for bringing it up!