my response is not intended to bust anyones ballz or anything.
no one has mentioned the intensity difference b/w 10k, 14k, 20k etc. which makes a big difference in what you want to keep and what wattage light to get.
my only problem with 70w DE retros, is that there arent very many 70w DE bulbs being sold out there at all. it takes a bit more work to track one down too. they aren't impossible to find by any means, its just that they are mostly off brands, not made by the big lighting companies which kinda worries me about service and reliability.
however, i think its enough light for softies, you barely need 2 NO bulbs to keep most softies alive. they may not look great and thrive...but they are alive.
also, a 150w DE retro doesn't cost much more than a 70w. so you may as well grab more light for the same price.
personally, i've seen a 29g tank with a 20k 175w SE mogul (electronic ballast). and IMO i didn't think it packed enough punch. the tank looked overal kinda dim.
i've also seen a 29g tank with a 14k 250w SE mogul (magnetic ballast). this packed waaay too much punch (for more softier corals, and heat was a big issue). it was great for sps and clams though.
i can't comment much on DE setups, other than they dont tend to put out as much heat as SE. and i dont like how the reflectors are so small, it just punches a lot of light intensity straight down, istead of bouncing it around from the sides like a lumenarc reflector for an SE bulb would do. with DE, you also have to use crappy UV glass, which cuts down a ton of intensity from the bulb, and if you dont have that of course...your corals will all die from UV exposure, not to mention degrade the retina's in your eyes severely.
with all that said....if i was doing a 29g, and i wasnt planning on upgrading for 2 years at least, i would prob choose to go with some sort of 250w DE pendant, and start out with a 20k bulb. with this, you can raise the pendent up as high as you need to spread the light and intensity out. and if you decide to go to more light loving sps and clams, change to a 14k bulb.
or, if you like the whiter look, i would susgest a 150w DE pendant with a 10k bulb, and supplement with some VHO or T-5 HO actinics.
remember, 10k bulbs are more intense/brighter, penatrate deeper water, and greater risk of burning softies. but provide great growth to sps and clams.
20k is a bit dimmer, doesnt penatrate as deep, and makes softies and sps look great but sacrificing some growth.
i think the ultimate setup in that gallon range, would be a 30g cube, with a 250w SE 20k bulb, in a lumenarc reflector....now thats SWEET!!
just gota make sure you have a good sump, some fans, and a good AC controlled room the tank is in to keep the heat in check.