I was in the same boat as you, but after doing my research, I decided on LED. Nothing against FishBeard, because he is a great reefer, and a vast source of info, but without a doubt, LED's are the right way to go. The newer technologies more than compensate for the color spectrum issue. The new mixes and different colors make every single coral pop like nothing else. The new controllers also make specialized lighting the most dynamic its ever been. LED's are more expensive than a T5 or MH option, but you also aren't replacing bulbs, frying out ballasts, and worrying about excessive heat, which could require you to by a chiller. And LED's use significantly less energy, which means lower bills.
The depth and intensity of light that LED's create are far greater than MH. It doesn't always look that way based upon certain tests, but without getting into crazy technical details, LED light and MH light penetrate the water differently, and the way of measuring light intensity in water favors the style of MH, making it appear better.
Whatever you decide to do, however, make sure its right for you. If LED's make you uncomfortable, go with T5's or MH. Make an informed decision, and then go by your gut. That's the beauty of reefing, there are a million different options, and each one works for somebody!