Vic, I also have T5's. I'm not looking to get into a debate with anyone on this. The following is MY taste and opinion.
I like T5's better for a couple of reasons.
First, the heat issue is definitely a major factor.
Second, the kelvin rating on a MH bulb varies from mfg to mfg. Trying different bulbs will cost some bucks (just like T5's). However, there really isn't a way to gradually change color temp with MH's like there is with T5's. I have played around with various T5 bulbs to 'fine tune' the appearance of my tank. With MH's, for the most part, it is one bulb, then the next, then the next. Whereas the color temp might only need a bit of tweaking and you just can't do that.
With T5's I can just change one out of six bulbs, or two and get the 'right' color for MY palatte.
Third, I have found that with a quality fixture T5's put out MUCH more light than originally thought. At first I kept my fixture about 2" above the tank top. My corals grew like crazy but just didn't color up the way I knew they could. I raised my fixture to 12" above the tank. All my corals started to color up. I have crocea's and SPS on the sandbed. These animals are effectively 30" away from the light source (and under 18" of water) and they are more than surviving. They are thriving.
T5 lights, with the right reflectors and ballasts are able to keep anything under them that MH's can.
JM $.02,
swimmer