LEDs work for sure, im running the Vertex Illumina now for a bout a year but have renovated, moved and changed tanks 3 times over that period so not had a stable tank but have grown a few small size coloines from frags.
I have an ATI PM under my bed which I put up for kicks on the weekend just to see what it looked like and the corals had much richer colors in the red, purple, aqua, yellow spectrums. The blues and greens looked much more intense under the LED.
IMO LED will be the winner in the end, we just need to sort out the missing colors. Hoping the new UV/Vilolet vertex pads will help with my setup.