I've got both setups, I have a 120 with 2x250w 14k Pheonix bulbs, and I have a 40B with T5's plumbed into the system that I mostly keep zoas and yumas in. I originally had T5's over the 120, but just wasn't happy with it. To my eye the T5 setups just don't seem to have a crisp look, to me it is kinda like a slightly out of focus picture. Both setups have their pluses and minuses. You can grow anything under T5's with overdriven bulbs, even in a deep tank. But you pay for that when you have to replace the bulbs that much sooner, and that can be a big hit on a big tank. Imagine having to replace 24 bulbs every year. Then you have to experiment with bulb combos to get the look you want, that can add up.
The bottom line is that both systems work. Each one has it's pluses and minuses. When you add the costs up for each system, especially on a deeper tank, there isn't gonna be much difference, especially if you are overdriving the T5's. The cost difference is gonna be about an ORA frag a year probably.