I'm also a big halide proponent like Nick...
I'm a firm believer that halide lighting with PC or VHO actinic supplementation is probably the best way to go.
I started my first tank with 220w of PC (on a 55g) and those lasted me about 6 months until I decided I wanted a couple of maxima clams and an anemone or two (or 10)...
Halides really aren't that expensive if you DIY... total cost runs around $150-160 per light for 250w halides (using tar ballast and Ushio 10K bulb).
Also (this kinda addresses Cougra's question) you don't have to buy special reflectors for your lights... even using the shiny side of tin-foil will work. Just spray down the inside of your canopy with 3M Super-77 Spray Adhesive (available at HD/Lowe's) and stick the foil to it... voila!
I went with brushed aluminum flashing inside my canopy to create a huge reflector that contained all the lighting... in this fashion, my tank is evenly lit almost end-to-end (it's a hair shady in the back, behind the bulbs and under all the powerheads)... you wouldn't know I have 8 bulbs over the tank.
Another drawback with buying reflectors is that they really don't leave much room for other lights in the canopy... once you get in a pair of halides you normally don't have much room left front-to-back.
Maybe that's just the DIY'er in me... I just figure as long as the reflections from the bulb make it to the water, why spend $30-40 when you can do it yourself for $10.
Anyway, here's a pic of my lighting... the description is in my sig.