You can get more light out of T5s. This is mostly because you can easily place a good reflector behind each bulb. This is a lot harder with T12 bulbs.
As for power consumption, a lot of T12 fixtures use the old "coil and core" ballasts. This is why you get the famous hum. These are not nearly as efficient an the electronic ballasts typically used on T5s. You can get electronic ballasts for T12 bulbs, and if you do, you will get a bulb life and power consumption similar to T5s. What you will not get is the better light output.
All that being said, T12 lighting, while not the "hot item" anymore, is far from poor lighting. If your existing bulbs are ok, I'd hold off on upgrading to T5s. You will also find that you can sometimes get very good prices on T12 bulbs.
When it comes bulb replacement time, then look into replacing the T12 Bulbs or upgrading to T5s or LEDs. Consider the cost of the bulbs verses the cost of the new fixture. Most new fixtures will include bulbs, so sometimes it can be a tough call.