In my opinion with both, T5 or MH, it's possible to get colorful corals with a good growing rate.
But in Germany, where the electricity costs are unbelievable high (people in USA should be very happy about their costs), it's important to use an cost-effective lightning system for the future, which produces less warmth and high PAR.
Especially in the summer it's impossible to install an air-conditioning system with these costs here.
That's one reason, why in Germany (and other european countries) T5 is very popular now and a standard choice by lots of coral farmers.
So, under this discipline T5 could be a little bit better choice for the future. Because T5 has a little higher PAR at same wattage than MH. A lot of energy of the MH-system goes lost in UV and warmth and not in photosynthetic light. This is a fact. Test T5 and MH with an PAR-meter at same wattage and spectrum you will be surprised. Only in big sized tanks with an high depth but a short length, the MH is much better. Because the wattage of bulbs depends on their length - this could be a disadvantage of T5.
Both systems should be equipped with good reflectors - that's clear - to get the maximum of their power.
The light of T5 (also other bulbs) reaches the corals from all side - not only from above - less "shadow-effects" - another advantage for T5.
The MH looks really more natural - and if you don't have to think on electricity costs you could choose an MH with a little more wattage than T5 and you have an optimal lightning system.
For SPS I recommand e.g. 1,2-1,3 Watt/Liter MH or 0,9-1,0 Watt/Liter T5. Under this lightning configuration most corals would be colorful and have an excellent growing rate.
Look here this beautiful tank of Iwan Lässer which runs only with T5:
http://www.hausriff.ch/4534/108355.html
Any questions?
Sudad