ok dragon my 2 cents worth - I have a 40 long that I'm thinking about setting up because the 10 gal I've been using for a frag tank is way over full but I don't have the money at this time. Bottom line: if I were setting up a basic mixed reef 40 gal aquarium I would look at these three options in this order
1) 2 110 VHO - reason only 2 bulbs to replace so cost effective in the long run
http://www.drsfostersmith.com/Product/P ... 004+113174
2) 4 T5's reason I want to try T5's to see what all the rave is about and they are on sale now for 200$
http://www.drsfostersmith.com/Product/P ... 13175+2032
3) 4 65W PC's I like the coralife fixtures - very clean and nice and this will give the 4' of coverage that the 2 96W would not do.
http://www.drsfostersmith.com/Product/P ... 004+113345
If SPS or clams are on the agenda then I think I would go with two 150W pendents????? or maybe 1 pendent and some PC's or T5 in a DIY retro
and as far as the apparent discrepency between sadie and incysors opinion I think that some LPS would do fine under the 2 96W system but they would have to be high and as I said in the first post you only get three feet out of them - a nice choice for a 30 gal tank but not a 4' tank. My LPS's I like to place low in the aquarium because of there expantion and they just are more "natural" in the sand (trachy's, bubbles and fungia) Candies, hammers and torches can be placed on the rock high of course and candies can fare quite well under less lighting then the others but mine love their indirest MH light. All of my LPS get indirect MH and are low in the tank and love it! the candies I got 3 months ago all now have 2 mouths and are ready to divide already.
hope this helps..........