I've been using Radion's over two of my display tanks since May, and I like them and eventually plan on purchasing more.
I have a system that is approximately 250 gallons which consists of:
120 SPS/Anemone Reef (1 H.magnifica anemone which has split once since its been in my care since Mar 06 and a single Stichodactyla tapetum anemone)
58 LPS/Softy/Anemone Reef (1 H.magnifica anemone, 1 H.crispa anemone, 1 E.quadricolor anemone, 1 S.tapetum anemone)
40 SPS Frag tank
All plumbed into a common sump.
The 120 was previously lit by a pair of 250 W Phoenix SE Bulbs powered by a Dual PFO HQI Ballast, and a pair of 95 Watt VHO Actinics for dawn dusk and transitional lighting.
The 58 was previously lit with dual XM 250 Watt 15k SE Bulbs powered by Icecap E-Ballasts
The 40 Frag tank was previously lit with a single 250 Watt Phoenix 14K bulb powered by a Sunlight Supply Select-A-Watt Ballast (which is capable of running from 250 Watts normal up to 400 Watt's HQI and settings in between), and a pair of 55 watt 10K PC bulbs.
I replaced the MH's over the 58 with a single Radion set at Artificial Mode, 12K color (all channels at same intensity level), and at 50% intensity. My H.magnifica promptly bleached a little, (the XM 15K bulbs are notorious for being poor PAR performers)
I replaced both MH's and the VHO's over the 120 with a pair of Radions set at Artificial mode, 12K color setting, (very closely resembles the Phoenix bulbs powered by the HQI ballast in color), at 80% intensity, (nothing bleached, nothing moved)
I stumbled on a good deal on a used DIY LED build and purchased that for the frag tank. It does not produce the same intensity levels as the MH did, corals promptly began to darken up.
I added a Kessil A350 W to the mix in an attempt to punch up the intensity level to regain coral coloration.
It appears based on coral response, (I have some softies in the frag tank which shrunk down pretty severely to get away from the MH and are not doing the same thing with the LED's on the frag tank).
I have not taken PAR readings (dont have access to a PAR meter) so I cant legitimately compar the MH's against the LED's or the LED's against each other), I can only give my observations.
SPS growth in the 120 is the same as before. The H.magnifica anemones in the 120 have not moved since the transition to the Radions, and they will wander if the conditions are not to their liking, they have in the past when switching to a lower PAR MH bulb. It is important to note that the only thing I've changed in this time period has been lighting.
The anemones in the 58 have not moved at all. Some of the LPS and softies have bleached or receded due to the transition to the Radion from the XM15k's.
Here is another good thread for you to read and it has a picture of a tank with PAR numbers from MH's, and a Radion lights so you can compare them both side by side.
http://www.reeffrontiers.com/forums/f69/whos-using-echotechs-radion-led-fixture-65016/
Are the Radion's worth the money?
That's up to you. If you're not using Vortech's (I'm not currently), then you're not able to utilize all of the features the Radion is capable of.
IMO, IME, the Radion is absolutely capable of replacing a 250W MH over a tank as deep as 24-27 inches.
The energy savings from the Radion also makes it worth while to me as I was able to replace 1000 watts of MH and 190 watts of VHO's (1190 total watts) with 3 Radions using 143 Watts each (as per a Reef Builder's test using a Kill-a-Watt meter), which means I'm now using 429 watts to run those two tanks instead of 1190 and I dont have the expense of replacing those bulbs which will save me an additional $307.99 plus shipping every year.
Kind of a no brainer for me....
Nick