T5's are getting better every day. Early versions had lots of heating problems and ballast failures from everything I read, new versions are apparently much more durable and they have versions designed to operate in high heat environments (way up high in non-airconditioned warehouses, etc). A 6 tube T5 fixture will provide about the same light as a 400 watt MH, probably a little more. The 400 watt MH draws 4 amps at 120 volts or 480 watts. A 6 tube T5 draws about 3.1 or so amps at 120 volts, 372 watts or thereabouts. Yes, the savings is there, but not as much as the "cutting energy savings in half" that some of the lighting manufactures would have you think from their claims.
I noticed the Lowes in the area removed their 400w MH and installed 6 tube T8 fixtures. Sounds like they didn't want to take a chance on the T5's, or didn't want to spend the money up front. Dunno.
If you have the money, go for it. A 6 tube T5 fixture is about $200. I would still be without lights if I had to use them. I ended up using used probe start 400 watt MH fixtures with acrylic reflectors, bought used for $40 each. If I get rich later on, I'll change them out. Mine are all plug and cord and hanging on a hook, easy swap.
Charles