I have a 55 with a 4x54w Nova Extreme. Things I'm successfully keeping (so far) are: many zoanthids, ricordea, a green bulb tentacled anemone, tridacna derasa clam (gonna try crocea soon), pearl bubble, galaxea, ricordea, pipe organs, star polyps, colt coral, kenya trees, toadstool leather and xenia. Most of those are pretty low light demanding, other than the clam and possibly the pearl bubble and anemone, though. I was keeping a porites coral with Christmas Tree Worms alive (the porites were spreading nicely across the rock), but the addition of a Flame Angel put an end to both the worms and the porites.
The only coral I tried to keep and failed was an SPS (
Cerise). I'm not sure if the light was the problem or not, but I suspect it was. I don't have any experience with SPS though other than that.
The Nova Extremes do not have individual reflectors.
Also, I don't know where you're shopping, but $260 is way too much for a 4x54w Nova Extreme.
Drs. Foster Smith has them for $199 right now. That's where I got mine.