ok I think its time I step in here and say something about T5HO's since I use them on my coral growout tanks...
T5HO vs Metal Halide
1 watt of T5HO has 32,000 Lumens(intensity)
1 watt of MH has 20,000 Lumens
The downside to T5HO's is the light penertration. If you plan on having a SPS dominant tank, then you need to keep the distance from the light to corals less then 20"s. If you have leathers or other moderate light demanding corals, then its ok to have them at 24" from the light. Mushrooms and other low light corals can be as far as 36" from the light.
Individual reflectors are overrated, I am speaking from FIRST HAND EXPERIENCE, not from something I read online or from what some moron told me. If your tank is less then 20"s tall, there is no need for individual reflectors.
Watt for watt on on most tanks, T5HO is the way to go in my personal experience. 95% of the people who run down T5HO's have never had them.
For whoever said at 10"s of depth there was zero on their light meter, check this tank out...
Tank of the Month