Wattage is only one very small piece of adequate reef lighting.
500W NO (Normal Output) lights do not emit enough light to be adequate for anything but mushrooms, zoos, and other low light corals.
500W of MH would be more then enough for just about anything you could want (depending on size tank)
The difference is actually pretty simple - NO flo tubes are designed to light a room with light that is pleasant to humans, MH lights emit a different spectrum, and produce a much more intense light, making them suitable for a variety of applications.
When you shine a NO light on water, the water reflects and scatters the light particles, because NO lighting is not "intense" the light does not penetrate deep enough into the water to be of much benefit.
MH is a much more intense light, it doesnt scatter or reflect as much when it hits water, therefore it can penetrate to a deeper depth, and more closely resemble the suns rays hitting the water in nature.
When setting up a reef lighting system you need to take into account, wattage, bulb type, lumens, par rating, and kelvin rating.
My opinion - save your 20 bucks, buy an Icecap or Workhorse ballast, build a canopy, and have a nice 440W VHO setup for under 200 bucks - you will be much happier with it in the long run.