Interesting thread.
I would like to throw out another factor.
To me, the amount of dropoff over time is a big key. When both MH and T5 bulbs are new (provided they are of good quality), I bet the difference is minimal in relation to ouput. MH penetrates a little better, and T5 cover area a little more evenly.
The one thing that makes me hestiate with T5's on a larger tank is that the dropoff occurs faster. In industrial lighting, Flourescents start dropping off sooner and have a fairly steady decline (I was told this by a lighting engineer FWIW). MH (incandescent style) drops off slower at first, but as the fillament burns up towards the end of it's cycle the dropoff increases at a faster rate.
So my decison was T5's are perfectly fine for low-mid light level needs, and MH better for tanks that have light sensitive and large light requirement habitants. I take the best of both worlds and run both.
Lets keep the discussion up becasue I would like to udnerstand more about lighting charcteristics and differences. Actinics would be a good subject too since Actininc was developed for commercial application for curing UV plastics (like liquid acrylic), and now some aquaium light manufactures are starting to tout their actinics are built for aquarium use and are slightly different in spectral output.