I am in the process of building out my 300 gallon reef tank and was trying to decide which way to go MH or LED. It wasn't until my visit to Vivid Aquariums in California that I made my decision.
They have a 14' long tank that is half lit by MH and the other by Radion LED.
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When standing in front of tank, it was a huge difference for me. The MH side of the tank looked amazing, the color on the SPS was incredible everything looked more vibrant. The LED side of the tank looked good, but IMO it was dull looking.
The best way to describe it is if you ever go to an electronics store and see a bunch of flat screen TV's hanging on the wall, you can really tell the difference between the expensive high end TV's and the lower end TV's since they are side by side. You see the whites are more vibrant, the blacks are a deeper black etc... however, if you take the lower end TV home and place it in your room. It looks great by its self.
That is exactly what happened to me standing in front of the Vivid Aquarium DT. Even my wife who doesn't pay much attention to the hobby, noticed a difference in the tank and she asked me why the left side (MH) looked brighter and more vibrant then the right side of the tank (LED).
What's even more interesting, is that when I got home and put the photos on my computer, I couldn't tell the difference in the vibrancy between the MH and the LED photos. These photos were taken with my Iphone 5, but the color and look of pictures pretty much look the same on both sides of the tank. SEE BELOW:
IMO, I don't think that photos truly represent a difference between MH and LED lit tanks. Each camera has its own way of representing colors etc.. However, when you stand if front of a tank that is lit by LED and the other half MH, you really can tell the difference.
I spoke with one of the employees and asked him what he thought of the difference in their DT and he shook his head and said, yep there is a big difference and then pointed over to their SPS frag tanks and said "that is why we only use MH over our frag tanks".
Below are pics of the canopy open on the Vivid DT, so you can see their configuration. He said the MH were 400watts but I can't remember if they were 20K or 14K bulbs.
So, my decision was made for me. I am picking up 4 - 400 WATT MH lights, from a local reefer who just switched to LED on his 10' tank.
He made the switch for a few different reasons. One, he wanted to go green throughout his house. He has solar panels on his roof and is very conscious of how he uses energy. Another reason was, since his tank is an in wall system and he couldn't raise his light rack that high when working in his tank, it got very hot and a few times got burned. The LED's give him much more room to work in his tank. He notices the difference in the look of his thank since he put the LED's in, but was willing to give up the MH for the reasons above. I just hope he doesn't ask for the MH back in a few months