PC: powercompacts, old and outdated, not very efficient or powerful. Need to be replaced every 6-8 months or so.
VHO (T12 (very high output) fluorescents): Will give you more light than PC, and have internal 180* reflectors. Still a bit outdated, and need to be replaced every 10 months.
T5: 5/8" dia fluorescent tubes that come in normal output and high output (you want the high output bulbs for a reef). New, energy efficient and produce more light at a lower wattage than other types of fluorescents. Light output is increased 300% with an individual reflector compared to the bulb alone. Last 18-24 months, but should be replaced more often if you're keeping SPS corals. Good brands include ATI, Aquactinics, TEK, Current (Pro and Sundial), and Icecap. Can produce equal or greater par than some halide setups given quality equiptment.
Metal halide: wattage varies from 70-2000w. Come in single or double ended. Requires a single ballast to power each bulb. Good for penetrating power, put produce a lot of heat.
Actinic bulbs produce only blue light (420-460nm) and help make corals fluoresce and balance out the color of lower kelvin bulbs.
Kelvin is the color temperature of the bulb. Lower K will give you good penetrating power and growth but have crappy color. Higher K have awsome color but slower growth.
-Justin