Lighting  
T5 Fluorescent Aquarium Lighting - This is relatively new lighting based around a long fluorescent tube similar to the T8 Lighting unit, however its only 5/8th of an inch (the 5 stands for the diameter size), and the high output specification produces alot more light than standard bulbs.
   
T5 Lighting Cost: around £14.00 to £20 per bulb  

The advantage of using fluorescent bulbs is they produce less heat that Halide lighting units but produce more light than T8 systems (up to 80% extra). They dont give out as much heat as Halides and even though they do not preform as well as metal halides are more than sufficient for aquariums with a depth of 50cm.

Some T5 Units allow up to 8 tubes to be used at once and a combination of Daytime (white) light and Marine Acintic (blue) light, it can create a spectacular effect.

The spectrum of light most corals need is 14,000k (which relates to the spectrum of light produced) and T5 units are definately upt ot he task. The one flaw with these units is the bulbs have to be replaced once oever 6 months to maintaine their energy output.

 
   
 
New T5 Systems from Wave, with 2,4 and 8 bulb units
   

WIll a T5 Light keep my reef alive?

If you tank is not very deep (less than 50cm) than yes the light from 4 T5 bulbs will provide enough light for even your most light demanding species.

 
                           
Smaller T5 units are now available with a 'single' bulb which produces both Acintic and daytime light. These are for small systems however.
   

Side note: I use a Arcadia Over Tank Luminare System with:

2x Blue Acintic and 2x White Light

 
         
Light effect on a reef with Blue Acintic Bulb
Light effect with Daytime (white) Light Bulb