Depending on what type of tank you have, whether it's a reef or fish only, you're going to want a certain temperature of light. Normally, for a fish only tank, you're looking at a light around 5,000-6,500 Kelvin.
If you have a reef tank, you'll want to have a light up to 10,000 Kelvin, but be sure to monitor it, as you don't want to harm the coral. Too much will kill the microorganisms that create the coral, and when they die you'll notice the coral turning white. That's what is happening when someone is talking about corals bleaching. In my opinion, light timers are a necessity for reef tanks. Even just a cheap dial timer you can get at Walmart can help you keep the right schedule for the tank's lights.
As far as the light you picked out goes, it will work depending on your tank size. From looking at it, it looks like it's made for 10 gallon aquariums (If the light doesn't span the length of the tank, it's not enough). So for a fish only tank, you'd want it set at the "super blue" or "6500K Daylight" setting. Either of the 10,000K settings should work for a small reef tank.
As a side note, and maybe more so for freshwater tanks, these types of LED lights are commonly used for open style tanks (where there's nothing covering the top of the aquarium). While I like the look of open tanks, it requires careful planning to make sure you don't have anything that will get into your tank, or any fish that will jump out. I tend to go with glass-top covers on my tanks, they have some downsides like needing to clean algae off of them on occasion, but I prefer them over using a hood.
