Update: LEDs are HARD to get "right" it seems. I am still constantly playing with mine and still not having much luck. They are too powerful and killing some of my SPS corals. I took off all the optics and I like the looks of the LED light but in order to get the brightness that my eyes like I end up throwing way too much light on the corals. When I lower the light to the right PAR levels it looks really dim to my eyes. They are very deceiving.
Right now I am still leaning towards a MH light being my favorite type of light for the looks (variety of bulbs that all work well and meet our personal preferences) and ease of use, although the electricity cost and heat issues are huge negatives. They do seem to put out just the right amount of light and right intensity for our needs with so many years of research behind them.
I think the LEDs of today will work, but at present they do require quite a bit of tweaking to get them working right. So for now I am going to say LEDs are NOT for everyone.. they are good for certain types of people, people that like to play with things like LEDs (me). I know the majority of people out there just like to stick a light over the tank they know works well and call it a day and for those type of people I would say to wait a couple more years for LEDs to mature more so the spectrum and intensity will best suit the purposes of a reef tank.
I don't feel there are any LED fixtures on the market right now that I would say is the perfect LED light, most fixtures do not cover the entire spectrum leaving holes in UV, greens, and red part of the spectrum. In the last few months they have made LEDs to fill those gaps, specifically UV and Actinic spectrum (380-420nm). So it is possible to make an LED fixture that covers the entire spectrum, but for a fixture to come out that does it will take some time because the mfg will have to test different setups to get it looking good. For example, you want some reds in the spectrum, but a little goes a long way, so figuring out the number of red leds, placement, and intensity will take some time to research. Specialized controllers will be needed to give the correct voltage for each color LED to make them blend well. UV LEDs are still a huge question right now as well.. there are 2 sides to that argument and I have no idea what the answer is to the question "Is a little UV beneficial for reef tanks, and if so, how much?". Without knowing the answer to that question Mfg will not be putting those LEDs in their fixtures because the power and space could be used for lighting we see with our eyes, which will make the fixture look better.