I run 70%/30% mix of royal blues to whites, and I have 96 3W CREE's in my system. With the dimmers and the mix I can go from 100% actinic glow-in-the-dark look to standing in the sahara in full sun look, so the "LED's suck, T5's rule" was a bit contentious. My setup was ~$1000 but has the benefit of not replacing bulbs every 6 months like my old setup, so they will pay for themselves within a year.
I'm pretty sure, however, that any T5 arrangement WOULD be better than 48 watts of chineeee knockoff LED's.
When people start using LEDs I just don't see them going back to lighting that is based on 70 year old technology. I strongly think that LED tech is just beginning, who would ever have guessed you could light an sps tank with just LED's even 5 years ago...