@Preuss Pets
has one in the shop right now. The corals look phenomenal under some of the different colored LEDs. One of the settings a Tyree neon toadstool, looks pink with neon green polyps.
I have a 10watt RGB spot light, that covers about 12" x 12". It is nice. the one i have has dimming, wash, fade,15 colors, white, all on a 24 button remote. I turn it to blue and dimm it down for night time. It was less than $30, about 6 months ago, and well worth it. I have it on a 50 breeder with 2 250watt MH and 2 96watt compacts, and when I turn the RGB to slowly fade and wash through the 15 colors it adds just enough to see colors that are amazing.
They look pretty cool, been following ecoxotic lately. I'd probably find them useful in a planted freshwater, or in a frag tank that changes corals, or just to get that extra pop you crave.