well for one, the T-5's are stated to last up to 15 months without efficiency loss, as opposed to 6 months VHO, the size of the bulbs is so much smaller, giving infinitely more reflection, especially when they have their own individual reflectors. the heat output is so much less with T-5 as well. and you get the true amount of wattage as opposed to VHO which you can not rely on exact wattage even for what they are rated for. for instance, if you have 4x110w VHO , looking at it, that tells you 440 watts of light. in all actuality you are closer to 390 true watt light output. and you take 2x54 T-5, that is a true 2x54 with excellent lumen output. they are more efficient and less temperature. T-5 is an excellent choice for lighting to supplement MH.
not to mention the size of one VHO bulb, is bigger than T-5 bulb and reflector.. the best lighting scenario is MH with T-5 supplement. so you can have 2x54 T-5 in the space for 1 VHO and the best part is at 108w(t-5) - 110w(VHO) your lighting will be almost 5 times better out of two T-5...
Now if you are choosing to not use MH, then i can understand your gripe and VHO may work out better if that is your sole source of lighting. But I can safely say to ditch the VHO, and if you refuse to use MH, go with a nice power compact setup with T-5 supplements. the VHO are not a true of reading actual light output..