vho's are not as good as t5's for par, but in my opinion, are better for color depending on what you have available in your area. i could only find actinic whites and super actinics around my area, but the color was great. i have yet to see a t5 that can color up a tank the way an actinic vho can.
however, that having been said, they're 10-15 more per bulb (based on my experience with 5 footers) than t5's, and they last less than half as long.
imo/e, if you just plan on softies or lps, you'd do fine with vho's. however, your wallet might thank you for the t5's (last twice as long, cost half as much to run- 110w vho vs 54w T5, same size-, bulbs are cheaper)
i am trying to figure out if i can run a vho bulb with my T5's. I just recently switched to T5HO's, and have to say the actinics just don't cut it. i want to run one vho actinic with my 3 t5's. t5's have more resistance than vho's, and i'd like to run all four on my 660, but don't think i can, because of the difference in resistance.