Metal halide has been a tried and true experience in this hobby. Something i can say when it comes to lights is it doesnt cost to skimp. Although there are many options out there, there a pros and cons to each. LED's came around, then failed. ask yourself why they failed? i have not read much about there properties since that failure, and i do believe they will be a hot item some day. its hard to compare a LED TV with that of an LED light fixture designed to produce spectrums of the sun, so that would be a worthless argument. call me stubborn but i hate to step away from something that works only to spend 5 grand on a 4 foot lighting fixture...just me though.
t-5s are newer, but good for many options. my tank is pure t5 and i do not spend much in electric, or bulb replacements. I like the fact that i can control the color of the lights and play with the combinations. T5s are great but only if ran correctly. Controling heat, and using all 360 degrees of the bulb is key.
VHO's are slowly fading out and not as available as other options.
PC's are still highly available but for the cost, they lack the power that SPS and most LPS require. Your better off staying away.