MH bulbs usually last about a year before the color spectrum shifts and they are less than optimim for a reef.
the 6500K Iwasakis supposedly last longer but usually require lots of actinic to offset the yellowish tinge. The 20000K Radium should be OK without a lot of supplemental actinic, Same with the 20000K XM I would think, these are nearly as cheap as the Iwaski on that site $58 vs $65
250w MH has better bulb selection and more power than 175, so are a good compromise, unless tank is real tall then 400w may be needed.
The examples were quoted based on assumption the tank is 3' Prices would be similar for 4' with a slight upcharge for 46.5 " or 48" VHO.
I still think VHO as the starting light with dual MH added after is a good way to go.
PC or CF isnt bad on smaller tanks but on bigger tanks I just dont see the cost justification.
Compare price on replacement 55 or 96 watt PC bulbs versus
VHO tubes, remember you can use a normal flourescent in a 4' VHO setup in a pinch.
Using 2 VHO actinic and a double 250 with the XM bulb should allow keeping virtually anything in a 3-4' tank
I have never seen the advantage to PC on larger tanks