For nearly every coral, go with T5's. I cannot think of a single coral I've ever heard of that would do better under VHO, although I will say that I don't know the "full picture". VHO actinics do look very, very very nice compared to T5 actinics though.
As for growing SPS, I grow them under T5's in a 10 gallon. Shoot for similar "wattage" output, as T5's seem to be in the ballpark of PAR output per watt as MH.
The advantages of T5 over VHO, in at least from what I've seen (and experienced with T5): much less wattage used per tube with similar capabilites with the same number of tubes), longer tube life (1 year vs. 6 months with VHO), much more tube replacement choices (more mfr's make T5's than VHO), and in my area the LFS's carry a better selection of T5's.
Not to mention that T5's can be used in parabolic reflectors, whereas the VHO's are just too fat to do that effectively.
I say none of this as an expert, but it's what I've gleaned from RC and other sites, and have seen on my own tanks with T5's and on others with VHO.