Hey Clayton,
that is exactly true. People always used to say to me "why the hell do you put 400-watt metal halides over your tank!" and I always reply that it's not even close to the amount of light on a reef flat! But there is a limit to the amount of light you can fit over a tank, which is why I prefer MH lighting to VHO or PC. Some reefers are now experimenting with 1000-watt MH's over there tanks, in fact someone I know is installing 1000-watters over his 500-gal aquarium in the near future. On the other hand though, the intensity does drop dramatically with depth, and many of the creatures we keep come from the 10-20 metre depth, and there is substancially less light down there than at 1m. I posted something on this with different lux levels very recently under one of the lighting threads.
Regards,
Tom