I'll go read that more but I found Sanjay's presentation at MACNA interesting. Not really worth moving to LEDs and to supplement is ok, but it's a ways from being more efficient.
Here is what nobody has brought up yet, but is the most salient point that I can think of... if LED fixtures/panels are on the range of 1/3 of efficient as an equivalent MH, yet can kill coral... how bad is the spectrum (or other things) that they are putting out that actually do damage the coral? The damage can be real and "too much light" is not the reason.