The only major difference these days is the shape of the tank and how each light system fits above it. Nowadays you can get PC, VHO, MH and T5 lights that all do a good job of growing and displaying beautifully colored coral. The key is to go look at different setups and choose which one looks best to you. Unfortunately most hobbyists are using the same old blue-white PC lights that wash out the color. It doesn't have to be that way. There are good PC lights that make colors "pop" as well as VHO and T5. Let me know if you need more info. I just wrote up another essay

about it in another recent thread.
Of course MH and LED lighting are each in a league of their own, but one is not really "better than" the other. What matters is personal taste and how deep your pocketbook is.

Now I'll let you in on a little secret. Sunlight is completely and absolutely awesome. If you can get some natural sunlight shining on your tank, I can show you how to have awesome colored and thriving coral with just a little supplemental illumination for the evening.