Oh, and another thing to make clear is that VHO does not mean the same thing as T12. When people meantion VHO, they usually mean T12's. VHO just refers to the amount of output/wattage they run at. The outputs normally referenced are NO (normal output), HO (high output), and VHO (very high output). Other bulb sizes can come in NO, HO, and VHO.
Most of the benefits I listed above correspond to the benefits of T5's smaller size. You can get T5 HO bulbs to run at what is essentially VHO using the Icecap ballast. I do this currently with my setup. 24" T5 HO lights run at 24W, while running them on the Icecap ballast they use about 40W. This means they are even more intense. The problems with this are that it shortens the life of the bulb, the bulbs run even hotter, and the efficiency goes down a bit (but still better than a T12 VHO).