I was recently faced with this dilema and chose to go with the dual 250watt PFO ($345 complete, new retro kit) magnetic ballast with Iwaski 6500k bulbs after reading a comparison article in "Marine Reef - 2001 Annual" magazine. I also noticed that this combo is cheaper than some 175watt dual set-ups. I am running these for clam and sps (with 2x96 actinic PC's on 80 gal), so my situation is probably different, but the article was very convincing with its data.
To sumarize, all the 175 watt systems tested had a measured light output ("photosynthetic photon flux density" PPFD; larger number is better) of less than 63.41 PPFD with an efficiency rating of 10%-31%. The 250 watt system was less than 124.3 PPFD with an effiency of 35%-41%. In general, the 6500k bulbs will be more efficient and have higher PPFD than the 10,000k bulbs with the same wattage ballast in use (except the Venture bulb which did terrible). So the comaparison of the 250watt 6500k bulb to the 10,000k 175 watt system is a bit skewed, but the effeciency rating tells the story since this is a percentage of power input to power output (PAR/power).
Specific Results:
175watt 10,000k Ushio lamp w/ magnetic ballast (PFO,Magnatek)= 63.41 PPFD; Effeciency = 31.7%.
Same bulb with 175watt Bluline ballast = 49.54 PPFD; Effeciency = 30%.
175watt 5500k Venture lamp w/ magnetic ballast = 20.10 PPFD; Effeciency = 10.6%.
Same bulb w/ Blueline ballast = 24.67 PPFD; Effeciency = 14.6%
250watt 6500k Iwaski lamp w/ magnetic ballast = 124.3 PPFD; Effeciency = 40.3%.
Same bulb with Ice Cap ballast = 99.8 PPFD; Effeciency = 41%.
Same bulb with Blueline ballast = 90.7 PFD; Efficiency = 35.9%.
In conclusion (my interpretation of the testing, similar to the opinion of the author), the IceCap ballasts are bulb specific and got hammered, much to my surprise, in most of the testing catagories (the results of the 400 watt ballasts were omitted). The archeaic magnetic ballasts performed the best in terms of PPFD, while the electronic ballasts (Blueline, Icecap) required less input power (lower electric bill), but were not necessarily more energy efficient.
Some data was excluded because of leghth, but I would strongly recommend that you pick up an issue of this magazine (released this month) and read, read, read!!! You will be amazed at the results and will be able to save lots of time and money by buying smart, not to mention at someone elses expense. I'm sure that test was not cheap to conduct!
Cheers,
Scott