You must be getting bulbs and electricity for free.
Otherwise there's no way T5 stacks up in favor of LED.
Usually for the cost of one set of bulbs and maybe the years power bill you can build an LED fixture that is superior. And not that you would ever do it, but that means you could build and throw away an LED fixture every single year and still come out ahead of the costs of running T5.
Like you, I am not completely convinced of the superiority of one over the other, but LEDs win hands down on every other front and in my experience they are at least as good for color and growth even if they are not better.
LOL, I actually did get my MH bulbs for free. I have at least 18 XM bulbs sitting around.
In my situation it doesn't make sense to switch technology as electricity is relatively cheap in Michigan and replacing T5 bulbs for a 6 bulb unit is only around 130 a year.
My point being, if a person currently had say a 6-8 bulb T5 unit it wouldn't make sense to go to LED, even if all things were equal (growth, color) . But, I am basing this on electrical costs in my area and the cost of a $750 Radion. Right now it costs me $7.64 a month to run a 250W lighting unit at 8 hours a day.
Based on the cost of the Radion and what I currently have it would take about 3 years to recoupe my costs for something that isn't really going to improve the health or color of my corals. Thus it doesn't make any sense for me to switch over. I'd rather wait a few years for better tech.
I will agree that if one were starting fresh an LED unit would be ideal. With some T5 supplements. [emoji14]