I haven't jumped onto the LED wagon yet, and there's a good reason... price. I've spent countless hours researching LED's, and I have come to the conclusion that if I want a one-size-fits-all LED fixture(s) for my 6' 125, it'll easily set me back $1K+. That's not an option for my budget. When I bought the tank (second hand), it came with a 48" ATI MH/PC fixture mounted in the hood. I didn't have corals, so I never ran the two 250W MH lamps. I used the PC lamps for illumination only, and when I decided to start stocking corals, I started researching lighting. One thing I learned from many of the pros, is that all LED's are not created equally. Top lighting manufacturers have exclusive rights to the latest and greatest LED's. The newest technology comes with a price, and only the big guys can afford them. All other manufacturers are stuck with off-the-shelf emitters. Older technology, inferior quality of materials, and less than stringent quality control results in the market flooded with cheap LED fixtures. Cheap fixtures with dimmable LED's? Forget it! The intensity is controlled by voltage reduction. Low quality LED's may not even produce the correct spectrum at full power, and when voltage is reduced, the wavelength goes even farther out of spectrum. The only LED fixture I would trust my corals use are those that have the latest generation of emitters with Meanwell drivers to control them. They have Pulse Width Modulation to control the intensity of the emitters, which is nothing like voltage reduction. PWM causes the LED's to "flicker", which gives the illusion of dimming, while keeping the wavelengths in the proper spectrum. It happens faster than the eye can detect, so don't worry... there's no strobe effect.
When it came time to replace my light fixture, I went with a 48" 6-bulb T5 HO. It's 324W, and using a mixture of ATI bulbs, I am growing softies, LPS, and SPS... which includes several Acros. If I wanted to keep "high light" acros, I'd need to supplement the lighting a bit. I did the math, and considering the initial cost of a highe-end LED, compared to cost of a decent T5, bulb replacements, and cost if operation, I think it balances out pretty close to equal. I had the choice of spreading the cost of ownership over a broad range of time, or break the bank with one purchase. Since my bank is already broken, the choice was a no-brainer. I chose T5 HO. Just a little food for thought...