LED works, you just have to spec it correctly. Your after 80+- lumens per watt, 3w chips (cree, bridelux or epileds) and the proper lense degrees
I am growing coralline already 2.5 months into my reef build with LED. 2 anemones (one bicolored) and some LPS. The lights could support SPS up top, but my tank is too new (unstable) to try any, and I am debating even bringing them in the tank....might just stick with soft LPS and anemones, not sure yet.
Like wildman, I am curious how they will hold up after a year. But with no heat (less water evap) and no MH bulb changes, even if they fall apart after 2 years, its still going to be cheaper it looks like running the numbers