The refracted rays of light is definitely what pushed me over the edge for the MH's. Getting a great deal on them didn't hurt either though.
My system was stable and happy with 260 watts of PC for more then a yr. When I decided on the MH's, I was planning to tear down my PC fixture and retro it into the canopy but decided against it b/c I had a friend in need of more light and figured I'd "pay it forward" and give him a sweet deal on the PC strip. Also, the cost replacement costs for 2 VHO bulbs was less per yr then replacement costs for the 4 65 watt PC bulbs.
The MH setup is very nice, as long as you don't have heat issues (I have a 20 gal sump, a fan on the canopy, and 1 beneath the stand, just in case). It can be done with PC, but the appearance of the tank is totally different. Here are pics of the same tank under PC for comparison.
Hope this helps.....