Someone will correct me if I am wrong, but I think pc bulbs are basically T5's. I think the "T" number has to do with the diameter of the bulb, in 1/8's of an inch (T5=5/8", T12= 1 1/2", etc.).
Exactly right, although the term T5 bulb commonly refers to single tubed T5 bulbs as opposed to multi-tubed T5s (which we refer to as Power Compacts). T5s are more efficient. Generally speaking, anytime you reduce the diameter of the tube, you get a more efficient tube (e.g. T5>T8>T12). Single tubes are more efficient then multi tubes (hence "T5">PC)
How deep is your tank, and what T5 bulbs are you considering replacing the 32 watter with?
We replaced a 2 lamp VHO set on our mushroom tank with a 2 lamp HO T-5 set a week or so ago. Results are similar, but it is half the wattage... and takes up less space. So far I like it.
I've yet to see PC's that look like VHO's as far as the light color, mainly on the actinic side.
Have the bulbs gotten better? It was as if the pc actinics were simply some blue paint slapped on, they made blue color, but not the same as the vho's did, the corals & tank look quite a bit better under good vho actinics (I always used URI)