ibrew4uandi,
Hopefully I can help you decide what's best for you.
PC's are the latest creation for lighting. They're primarily designed for small to average sized tanks that require strong lighting for small spaces. They produce the most light per watt than anything else, so energy savings a huge plus. Some even have the perfect parameters for photosynthesis, so there is no need to overkill on lighting. They can run hot and replacement is recommended every 12 months.
VHO's are great for larger tanks (24" or deeper). They don't require massive watts like MH's and almost penetrate as deep. That is the big plus. They run much cooler than PC's and MH's but need frequent replacement (every 4-6 months).
If you live in California like I do, I need to use PC's to save money. I rely less on lighting and more on perfect water to keep my inverts thriving. For example, my clam was purchased at a store that kept it under MH with mechanical filtration. He was purple and unattached when I bought him. He's under less lighting now, but I use Custom Sea Life bulbs for perfect photosynthesis with natural algae filtration and he turned turqoise and completely attached within a week.