T5 are small (3/8 in) diameter flourescent bulbs. VHO are a T12 (1.5 in dia) flourescents. PC are folded T8 or T12 flourescents.
The main advantage of T5 is cost and size. B/c they are so small you can put more light into the same amount of space and the bulbs are much cheaper thamn PC. Also run much cooler at same wattage than any of the others (VHO, PC, MH) To get the full advantage, most good T5 lights have individual reflectors for each bulb. This squeezes the maximum amount of light out of each watt so you can run fewer total watts for same light output = cheaper electric bill.
VHO are larger, more intense flourescent lights. They also put out more heat than T5 b/c higher wattage. Bulbs are more expensive than T5 but I confess, Ive never really researched VHO's.
PC are less expensive in the short term (cheaper for a light setup), but bulbs lose spectrum fast, dont have the same penetration/intensity, dont last as long as T5, run hotter and cost alot more (roughly double the same size T5).
MH run the hottest, are the most expensive, but nothing (and I mean nothing) will be as intense or penetrate as well as MH.