I still run MHs.
I do have some trouble with the upfront pricing, even though the cost of MHs at this wattage is still quite high (exp bulbs, electricity).
Also, i have not done enough research on LEDs yet.
Has anyone had good performance out of the SAME LED system for 3+ years?
When i first started reefing, I had 1 MH kit for 2 years and then used that light system at work where it still works (just bulb changes). THat's 5 years of solid performance, with little effort on my part.
If I pay $400-600 for 1 unit of light (I am sure to need 2 units for my 48" tank) I want to be able to reap the benefits for more than 1-2 years. My MH will cost me less than $500 total for that same amount of time (2x2 sets of bulbs, unit itself at today's lower prices, electricity estimate)
BUUUUUT, because i can only stand to be without the newest toys for so long, i am going to see if i can get a lower price but good unit for one side of my tank and have the other with the MH (though I have to figure out what I need to do with my canopy unless I just put the LED over my nano tank).