In the grand scheme of things photons are photons. That being said, any of the three lighting types can yield excellent results, provided that you are ensuring that the tank is getting an even spread of light.
Metal halide systems are half point source (the light coming directly off of the bulb), and half diffused source (the light coming off the back of the bulb and reflected off of the reflector and back into the tank). This gives both high intensity and and excellent "diffused spread" if large reflectors are employed.
T5HOs by their linear geometry provide excellent spread over the entire area beneath the fixture, similar to the metal halide you get somewhat of a linear source coming off the bottom of the bulb, and a diffused source being reflected down into the tank off the top of the bulb.
LEDs are strictly point source and can be found in either groups (helping to blend colors together like in the case of a Radion, Kessil, or similar), or in a spread out array (like a Reefbreeders Photon) to help increase spread at the expense of eliciting somewhat of a "disco" effect. When used in either groups or arrays, as long as there are sufficient groups or a large enough array to cover the top of the tank, you will have good results.
I'll give an example of possible systems for the last tank I set up, a 32x24x20h. I wanted "high" light for this tank because my intent was to do a mixed reef and then transition into a SPS dominant setup after the tank matured.
To do a metal halide setup on this tank I was looking a running a pair of 250w bulbs.
To do a T5HO setup I was looking at a 8x24w ATI fixture.
To do LEDs I was looking at running either two Radions or three A360we Kessils.
Any of the scenarios above would give excellent spread on a 32x24 footprint, but I chose the ATI because for me it was the most cost effective. The halides were a close second, and the LED systems were just prohibitively expensive for my budget.