LED's are great. if you have the money, get yourself a set of them. Each zone lasts an average of 5 years before needing replacement and the amount of money that will be saved on your electricity bill will be a nice sum at the end of every year.
T5's are also a great lighting system. Low on heat, initial cost and operation costs, you can save a bundle while keeping high light loving corals. Most SPS in certain placements of the tank will thrive as well as under halides. This has a lot to do with the unit, bulbs and number of bulbs of course but for all the benefits gained from a unit the runs the whole length of the tank, they way i see it, you cant miss.
Halides are great for deep tanks with LPS and SPS, and PCs are alright in most cases, as long as elevated off the tank and without use of glass lids. This is to prevent heat being trapped in the tank. Same goes for Halides.