Wow you're brave asking for opinions on such a hot topic!
Seriously, you can do a nice LPS/Softy tank with out super high lighting. The things you won't be able to keep are going to be the really brightly colored clams (there are some that can be kept still), anemones in general (again depends on species), and most
SPS corals. To be honest these are all animals that you shouldn't try to keep without some reef experience under you belt anyway.
If you want to keep the light loving animals you will need MH or a T5 setup that is done just right with good single reflectors.
BTW welcome to TRT...you'll find good folks here and some really good advice!