I have 4 VHO 36" lights over my 75 gallon tank. I have had good sucess with Xenia Elongata, Blue-Green Zoanthids, Orange branching Montipora, green star polyps, ricordea, brown montipora, scroll?? plating?? montipora, and bubble tipped anemones.
VHO or PC lights are great for mid to slightly high light demanding corals, but if you are looking at the really high light demanding corals you then want to go with metal halid lighting. Most people that use MH lighting use actinic lights to provide more blue light as it is more apealing to look at. That is why with MH lighting they always go with a higher kelvin rating as they provide more of the blue light. This blue light is also important to the growth of the corals as the zoanthelia algea need the blue light for photosynthesis. The lower the kelvin rating the more red light is present, and the hair algea and other undesirable algeas flurish under this spectrum. Typically the low end is about 6500 kelvin, but most recommend 10000 kelvin bulbs as they provide more of the blue light that the corals need.
The wattage of the bulbs is important as it is a good indicator of the lumens (the intensity and quantity of light). Even though people will disagree with me, but MH lights are not the 'premier' lighting for reef systems. The advantage they provide is you can get more light out put for the area they take up. As an example, I have a 75 gallon tank and I can put about 440 watts of VHO lighting above it. If I were to use MH lighting I could have 800 watts because I could use 2 400watt bulbs. The big disadvantage of MH bulbs is the cost of the bulbs and the heat that they produce. Most people using MH lighting have to use chillers to keep their tanks cool. That is why I went with VHO lighting as they do produce heat, but not nearly as intense as MH lights and it is a cheeper setup to maintain.
VHO vs PC lights I went with VHO because with the IceCap balasts you could use regular bulbs if needed. Also the cost of the bulbs for VHO is less than the PC, and it can get a little complicated when replacing PC bulbs as there are a few different configurations.
Most people, myself included, that use florescent lighting use an even mix of 50/50 bulbs and actinic bulbs as it helps provide the blue light the corals need.