Ultimately depends on what you are wanting to accomplish. I like growing freshwater plants - depending on the plant they can take rather high lighting (not unlike coral - but different parts of the spectrum). In the past people generally used florescent for fish only tanks. Incandescent put off too much heat. If you wanted to grow something, you used LOTS of florescent tubes, or used metal halide. Metal Halide puts off a TON of heat, can be very efficient as well (florescent tubes are not very efficient due to the nature of the tube and reflectors). Point source lighting makes reflectors work better and adds a shimmer to your water.
Somewhere along the way T12 tubes died, and were replaced by T8 (T6, then T5). Ultimately while T8s are still used in some setups - most people went to pc (power compact - essentially U shaped T5's), while a few went to spirals. Now the hot new trend is LED's.
LED's have tons of advantages - but they are new tec and carry a premium. Individual emitters are point source - so they get a much larger % of their light to the water. Their spectrum can be custom designed (and does not waste electricity on IR and UV like MH lights do. Recall the Metal Halide lights run VERY hot - like 400-500 degrees hot). They do share the advantage (abet at the cost of some shimmer) of tending to be in arrays, so they can provide even light without being pulled away from the water - being close to the water also adds efficiency.
Put simply. I have run 250 watts of MH, 196 watts of PC, 200+ watts of T8 on the same tank at different times. I am about to try 28 watts of led's. The MH looked incredible. The over driven t-8 got great growth, pc's worked fine as well. If you can wait till Monday I will post some before and after pictures of the MH and the LED. I am doing it because the MH is failing again and I am tired of buying damn expensive bulbs (MH bulbs run $60, pc bulbs run $40+ (I use 2 - so $80 a change), and the T8's were cheep, but that fixture caught on fire (water not electrical cause).
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There is a lot to study about spectrum. But one thing to keep in mind is PAR and another is the Ra, and then there is K. Par is light intensity. It replaced the old watts per gallon rules. Technically it should useful spectrum light intensity. Ra - this is something photographers deal with. How close to natural light does the light work. Noon sunlight is 100. a Ra of 60 will not look as natural as one of 90 - that said, the spectrum might be less good for growth. In the past LED makers would screw with the spectrum to make lights look bright (targeting green, we see green real well) - but they did not look natural. K tends to be a way to describe visible tint. Get below 3500k and it will be a warm tint. Get to 10k and it will be a cool blue - 20k is going to be very blue (but might be natural looking for some reefs as only the blue spectrum penetrates 30' in nature, all the reds are filtered out.
fwiw, Finnex Fugeray has good reviews on Plantedtank.net for low light (which is still quite bright compared to walmart aquarium lights) - while the Ray 2 is better for high light plants. Prices are dropping on leds - but med-ligh light for my 50 gallon is still running me $150 (but then again a mh system is often closer to $400-600).
This was my tank right after I replanted it 3 weeks ago - that is 250 watts of metal Halide - notice the amount of shadows the plants created.
A small pic of the full system in it's old glory - the light is a pendent, underneath is c02 and a canister filter in the crock. - all the electronics are underneath the bench top (with a really neat mounted powerstrip with individual switched outlets).