Don't know about PC, but willing to bet there ain't much of a difference with VHO. There is no problem with 5-10 Watts/gal of VHO, especially in a tank as deep as a 125. Burnout will happen if you go from 2 Watts/gal to 5-10 Watts/gal without gradually acclimating your corals to the light (esp. softies). But if you acclimate, no problems (unless there is some rare low-light coral like a sun coral, which would then need to be moved to a shady spot).
Also, forgot who did it (maybe IceCap?), but did read that some group did a SPS test with the IceCap 660 ballast running VHO for 1 or 2 years. SPS multiplied like wildfire. So its a myth that you need MH for SPS.
EDIT: but inline with what Hondo said, a VHO/MH setup does yield a broader spectrum, which is probably more healthy, and definitely more natural than VHO-only light.
kris