I have been doing a lot of research on lighting lately, and I hope I can give you a little bit of help. First, I want to explain lumens. Lumens are the amount of perceived light. They are the more important factor when compared to watts. However, aquarium lights are not rated by lumens because some bulbs can produce high lumens output without providing the color spectrum needed for photosynthetic coral growth. So, for all intents and purposes, we use watts.
Armed with this knowledge, however, I started looking around for what light produced the highest lumens output. I'm not saying this is best light. But the Sunlight Supply T5 HO Tek light fixtures seem to be the biggest bang for the buck.
Here are some of my reasons. First, I prefer fixtures to retrofit kits. They tend to have better reflectors, which helps with lumens output. Second, they use thinner bulbs. This makes them more efficient. They use less power and the bulbs last longer. Also, they produce less heat. So they can be placed closer to the water, further increasing the depth that the light can reach. Finally, they just plain have the highest lumens per watt output, at about 92 lumens per watt.
I currently have a retrofit with two 250w 15k MH bulbs and two 48w actinic bulbs. It suits my purposes fine, but because it creates so much heat I cannot leave the lights on as long as I'd like. If only they would make a 72" T5 HO Tek fixture I would already have one. I hope you find this post helpful and it doesn't stir up too much controversy!