I think you've gotten it right. Someone did some testing not too long ago (I believe it was Grim Reefer) comparing the PAR of VHOs with reflectors against T-5s without reflectors. T-5s won, so add individual reflectors to T-5, and I'd rate them between 8 and 9. Add an Icecap ballast to overdrive them, and I'd rate them 9.5 to 10. Visually speaking, my 5 bulb overdriven T-5s with Icecap reflectors looks as bright as any metal halide system I've seen. . .well, except one, but he had literally about 1000W over a 60G tank.
Oh, and that's interesting you say that you get more color range with T-5s versus VHO (I'm assuming that was your basis of comparison). One of the complaints about T-5s used to be the lack of color selection, especially when talking about actinic, but now I agree that you have a very nice selection with T-5 bulbs. I think MH is really their only competition these days.