On paper looks like T5HO beats MH hands down.

With a good HQI bulb, colour rendition is not an issue. Love the ADA white ones. Roland...
With more penetrating light you can hang it higher allowing more working space without rearranging all the lighting [though there are some clever luminaire designs now that allow us to just lift it up like a trunk.] I like this very much but I also hate the glare if hung high.

Can achieve nice stream rippling effects if using a fan or pointing filter output slightly upwards to disturb water surface.

Can be cost effective if only used sparingly as 'noon burst'.

I've also used them on 4-6 hour cycles and plant growth quality is still great. Less spot algae, more room for neglect.

As for red, it really makes the red plants REALLY RED.