I am not an LED expert. I still have quite a disdain for them and have no plans to move away from MH. I do keep up with them on aggregate in case they do become viable and then I will switch... nowhere even close IMO. There is really good info on the different diodes on RC with good tests and studies from Reef Breeders and Pacific Sun, who I think make BY FAR the best LED units (at quite a price), but you might not like RC enough to go. Basically, there are no white diodes that are any good - way too much yellow, red and green. Some are less bad than others, but I don't keep up with which ones are which. This is why some companies are using blends of other colors to simulate white to human eyes, but are still so-so for coral.
Mostly what I mean by "wrong kind" is LED based anymore, but was also quite common in early adaptations of Fluorescent and MH tech as well. The bulbs were putting out too much in the wrong ranges. There was a day when MH and NO and VHO bulbs were not good for coral either. There were no message boards or "featured articles" from BRS or MarineDepot telling everybody that the early junk was "the bomb and the future" and when people did not buy them, the companies figured out how to make a bulb that was for this hobby... and they make money still today. The argument that nobody can afford to R&D a diode for a hobby is complete bunk - the truth is that nobody has had to do it yet. It is not necessary for any of the manufacturers since people will buy their stuff anyway. It will come soon IMO - LEDs are being abandoned at a higher rate than any other light.
Example, I have some quite common SPS corals like Hawkins and Red Planet from ORA. There are times where I put a pair of 3x250W HQI Aquamedic lights over my standard 120G. I do this when I want color to really pop and for some growth. This makes a total of 6 250W Phoenix 14K PAR emitting machines over a somewhat small tank. Par can easily get over 1000 even 10-12 inches deep. The corals thirve moreso than with the one fixture. People with a single cheap LED can kill those same corals unless they turn the whites down to 20-30% and even then, they do not always flourish under 1/10 of the PPFD, PAR or any other measure of light than what they can get with high end MH setups. The 14K Phoenix puts out a better spectrum, so you can use more of it. People will commonly post that their LED is too powerful, but this is not right... it has too much of the wrong spectrum. FWIW, outside in Missouri under summertime sun, the par in a tank that I had outside was 1200-1500 depending on the time of the day - no issues at all with any corals, even some supposedly "low light" polyps that melt under some LEDs.
Lots of the LED fanboys have started to switch to T5 and MH and will never go back - they used to post a lot on the older threads and have since left the board from the thrashing that they got from people who "looked up" to them as LED users and are now ****ed that they changed over. Some went with LED along with T5 and MH and have since taken the LED off completely since they had no real value. Some know that their LEDs are not as good as what they had, need the other things that they offer (lower heat, less electricity (which is highly debatable)) and are willing to live with a subset of species and less color.
Dang. That was long. Sorry.