You're going to get an even split of T5ho and halide people.
halide pros: with a good reflector one bulb can light a large area (upto 3'x3'), give you a nice shimmering effect "natural looking"
halide cons: bulbs are expensive and need to be replaced every 10 months or so, depending on wattage and ventilation they can be a problem with heat
T5 pros: with good bulbs and reflectors it is easy to produce the same PAR as a decent halide setup, plenty of flexibility with bulb arrangements, heat can often be managed easier (still produce a lot of heat, but since it is spread out over a larger area it is easier to disperse), last 18-24 months (I replace them every 14-16 or so)
T5 cons: isnt cost effective for a larger tank, hard to light a tank deeper than 30" without overdriving the bulbs
I'm sure theres more, but these popped into my head first.
Personally I like T5. I've gotten colors out of my SPS that I have not seen under halides. Aquactinics is working on a T5ho/LED hybrid fixture that will give you the benefits of T5 but with the shimmer of halides.
Hope that helps.
-Justin