PC=Power Compacts. They are a basic fluorescent light. They are great for fish only tanks or reefs with corals that have little or no light requirements.
MH= Metal Halide and T5= fluorescent bulb type that gives off more light/Par
than PCs
If you want to have a reef with few limitations on the type of coral go for MH or T5.
Pros/cons
PC...Inexpensive to buy/run/replace bulbs
MH...Expensive to buy/run/replace bulbs...you may need a separate fan or 'chiller to keep your tank temp controlled.
T5..Moderate expense to buy/moderate to replace bulbs/cheap to run
Hope this info helps.