T5's are fluorescent tubes like VHO, but smaller. They are so narrow, that they can design very efficient reflectors around them, which increases the output ~ 300%. A single T5 bulb with the individual reflector is at least as bright as a single VHO, and uses half the wattage. The bulbs last longer too.
If you are starting from scratch and buying a new setup, T5 is the best way to go, period. The prices have come down, and you can get a 4 bulb T5 setup for only about $80 more than a 4 bulb VHO. You'll get that $80 back in about 9 months just on electricity savings alone, not to mention longer bulb life.