I have a 120g with 40g breeder for a sump.
I recently purchased a Vertex IN180 skimmer. It is really nice build, big and didn't cost huge $$$. I almost went for a more expensive cone skimmer but wanted to see what the $300 model would do. Time will tell.
I use a Mag 9.5 with Sqwd for my 2 returns. Seems like just enough water through the sump. Not sure how the sqwd will hold up in the long run but it's working great for now.
For lights I have 2 Coralvue Lumenbright 250w 20k bulbs. Awesome pendants. huge difference from the 150w HQI I was using.
I have 3 pumps in the tank to move water. 1 Vortech MP40 (awesome pump and I'll be adding another in the future with battery backup), 1 maxi-jet 1200 with mod. and a Korilia 3 I use to move water behind the rocks.
Now this is what I use in my tank. I try and get the best bang for buck when doing my tank. I'm sure I could have spent more money on equipment but for me I couldn't see spending $1200 for a skimmer, another 1200 for lights...etc
HTH
-Bob