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Getting back into tanks ... new lighting (and hood) questions.

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I guess I have a few questions.

What is the deal with LED fixtures? I read that they are now priced equal to T5s. That's great news. Now I can tell my wife that the tank upgrade is for environmental reasons. OK, the real question is, what brand provides the best bang for your buck? The caveat is that I want to build my own hood so I need to be able to easily install this into my hood.

Colored lighting: I want to do colored lighting. This is for morning/night effects. I did it in my last tank and it was awesome to have red appear in the morning and blue at night. I want to do atleast one colored light. Is this possible with LED lighting? If not, what lights should I go with?

Timers! OK, I saw atleast one fancy digital timer. I used to use a bunch of timers that were synchrnozed. But I saw some digital ones on here. Do these have indivudally programmable outlets? Any brands that could be recomended?

Energy savings with LED. Has anyone taken the time to figure out what kinds of money can be saved via LED lighting?

This is for a low tech, low to mid light level tank. I might do high light but don't know if I should without doing CO2.