The lighting thing does seem to be an issue for EVERYONE. I will try to keep my $.02 short. Yea, right!!
I have lived in 5 states with a reef tank in all 5. I am sure you are thinking that this is an odd way to start out right. Well, here is what I have tried. Them all. I have done the NO, VHO, 175MH, 250MH, 250MH-HQI, and 400MH. I have used them in mix and match and standalone. Well, they all worked. Just depends on water quality and what you want to keep in that tank. Living in Iowa, I have found the water is VERY good for SPS's. In Missouri, softies and LPS. Texas was hard for everything. Allot of silicates down there and the yellow light from a 5500 or 6500k lamp really gives that green shag carpet look. Sigh. But that is true for any region if you don't tone down the yellow and watch the phosphates and silicates. Not to mention eye appeal. Yellow is not very attractive to me. To get good coralline algae growth, the blues really help to grow them. Again, water quality helps to. It is going to be a matter of taste and monthly run costs. I finally settled on 3 x 250MH-HQI and 2 x 72"VHO (1=50/50, 1=Actinic03 URI of course). This is set up on a 125 SPS/LPS, mushroom, softy tank. I use the 175MH 10K on one of my SPS frag grow out system, 3 x 95watt VHO on another SPS/LPS, softy grow out tank. The 400MH PFO system is currently not used. I also have 4 x 75watt VHO turf sump with more corals growing out there. I have so many corals that I run out of room frequently. And again, everything grows like crazy because I have nearly perfect water. I say NEARLY because there is no way it is ever going to be perfect. (I say that so I can quantify my spending to achieve the ever-elusive perfection! I think it is called "An Addiction") And before anyone tries to blast me, I do know how to prevent any issues I have mentioned here. Also for technical issues, those darn mogul bulbs really have to be replaced more often than the double ended ones. HQI can usually go 18 months before being replaced. Follow this link to read a study done on MH lighting.
http://www.animalnetwork.com/fish2/aqfm/1999/dec/features/2/default.asp
You will read allot about PPFD: photosynthetically available radiation" (PAR region; 400 to 700 nm) which is a good indicator of a lamp's ability to support photosynthesis. Well, an Iwasaki provides 104.5, a 10K Coralife 51.57, a 20K Coralife 37.24 and a 10K HQI 128.80 for new bulbs. As for the darn 12k or 10k color rating. Hold on to your hat guy. The only ones worth talking about are the Iwasaki 6500 and 10K HQI. The Iwasaki ran at 7457 correlated color temperature" (CCT) and the HQI at 11,723 correlated color temperature" (CCT). That is the colors blue and violet you see with our eyes. But, you can read all of that in the link above. I personally like the HQI. Small, simple, long lasting, great color and my corals LOVE it. By the way, my electric bill is $190 a month. And that is down since I got rid of that 400MH, and the chiller does not run as much. They really put out the heat. I wish I could grow electricity as well as I do coral. I almost forgot to mention. I purchased ALL NEW bulbs from Feb to September this year to do my own tests with all of the MH and VHO's. So I am only speaking about my experience. I have also been doing an experiment is stressing SPS frags. Drastic changes in temp, salinity, light and treatment. Most of my corals are not stressed. I compare with a control group and experiment group. I sure hope this will help toughen up these corals so that we can all have them. My way of pushing evolution. Plus it helps to get third and fourth gen stock from other addicts. They just seem to do better. I sure hope this helps you. If it is any consolation, I bought the HQI last because of cost, but they seem to work the best. Like everyone says, buy just a bit more than you can afford. It all comes out in the end. PFO's ROCK. The Hamilton ballast gets very very hot and of course the IceCap VHO are awesome. Stay away from IceCap MH ballast. Do you want to send the bulb and ballast to them to be "TUNED" to run correctly or even start. Sure, every time I change bulbs I can wait weeks for them to "TUNE" my lamp and ballast. Whats up with that. Don't get me started, I already know the answer. We have talked about it. But, I digress. Good luck.