That's what I had for several months before upgrading to the 108 hood.
Good system, didn't get fantastic colors from some corals, spent a small fortune at
www.ultimatefrags.com when I first started and wondered why the stuff didn't look as nice in my tank
Zoa's, Softies and Mushrooms (Including Rics and Yuma's) do very well under the stock lighting.
If you want to deal with blasto welsi's they can thrive in this tank. Just keep them in low flow and on or towards the sandbed and feed them once or twice a week and they will do great under the stock PC's.
Acans also do very well in the stock tank and hold their color.
The only things I've tried and didn't like were micro's and gorgs. The micro never colored up and the gorg didn't have enough light, I have since gotten a couple gorgs under the upgraded light and they are doing great.
Pics of my setup are here:
http://www.nano-reef.com/forums/index.php?showtopic=88109&st=0&gopid=1029309&#entry1029309
Like I said, everything was under the stock lights except for the gorgs.
Good luck.