I'm not going to spend alot of time discussing MH vs. other lighting, but.....Take a look and read up on T5 HO lighting w/ individual reflectors. Very few people who use these lights have to run chillers.
Tek makes a great fixture if you don't have a canopy, and they are perfect for 75g tanks. The 6x54w Tek light is a great and inexpensive fixture that you can grow just about anything under.
If you have a canopy, there are some great retro kits like Icecap that would work well.
Of course you will have to figure out how to live w/o "shimmer"

Which doesn't bother me a bit!!
If cost of operating the lighting (CA isn't cheap) and the frequency of changing bulbs plus cost of the bulbs is a concern....you might find it's a good choice for you. They tend to cost less to buy initially, cheaper to run and cost less in bulbs in the long run. It's a great alternative for those of us on a "budget" that want nice corals.