I still have it over the tank. First off I should probably give a followup so here it comes.
Tank:
40B (70 system volume)
Light suspended 12 inches off of the water in the center (edges of the tank are a little darker than I'd like but I'm going to be picking up another light in a few months to deal with this.
ULNS biopellets and fuge for microfauna.
Bear in mind, the light that I have? Has been through another iteration and is now called the DM 165x (where x is whatever features Rick has on the light) It's a little bigger, casts light a little bit wider, but uses the same Chinese bulbs.
So after a few months of dealing with the light, I actually run it at 100% blues, 60%Whites and I'm able to keep SPS under it even the pickier Hyper-Shortcake I had which browned out has found some pretty nice coloring. Someone on Reef 2 Reef put together a Par layout and the light is not nearly as "strong" as the brightness indicates. IME, you have to run this light pretty high in order to keep things happy past a few inches below the surface.
A lot of the complaints about this value style fixture is the overall coloration of the coral. I'm not going to say that this light isn't able to keep things alive. But I'm inclined to believe that light, spectrum, LED quality, on top of nutrient management and nutrition all have a part to play in how good corals look and how willing they are to color up. My emphasis on the LED's is generally from viewing the results of people with these style lights vs other manufacturers.. This light is very clearly a value fixture, and it shows at times. That said, don't let that deter you from picking this up. Things still look great in my tank and things still pop. Don't buy the light if you really want something else that'll be better in the long run, buy it because you're on a budget like I am, and are willing to make budget choices on the things you get for your tank.
Here you can see the light reflecting off the water at the bottom
This was taken on my Nexus 4 so... That gives you an idea.