A 46 is a 2 foot deep tank. You need lots of light to be able to grow corals in a tank that deep (Or you stack everything up high). The other advantage of T5s is the size. I do not agree that 2, 39 watt lights are better than 2, 96 watt lights. If the parabolic reflector puts 100% of the light into the water, that is still only 39W, on the PC, with a basic reflector, you would have to be at 40% of the light making it into the water to be at 39W.
As I said, the advantage of T5s is size. On your 46, you will not be able to mount any more that 2 PC bulbs. With T5, you may be able to mount as many as 4 (Bowfronts are hard to figure, because the tank is only 3 foot wide for 8 - 10 inches.
At 4x39 = 156 vs 2x96= 192, you can really start looking at the bulblife, as a major factor in which is better for your system.
Robert
You cannot determine light output on watts.Wattage is just the amount of electricity used by the light.It has nothing to do with how much light is being produced.If you cant understand why 2x39w T5's w/SLR's can produce more output than a 2x96w PC setup,then this info should really leave you confused.My 4x54w T5/Ic660 setup puts out 33% more output at 19" depth than a 2x250MH setup.The 4 x24w T5/IC660 setup i just built for Tracy puts out the same amount of light as a 250MH.
Chris makes some valid points,although with the cost of PC bulbs($30) -vs- T5's($13-$21) and the fact that he only wants low-light corals,the 2x39w T5 setup will be perfect.I recently built/installed this same lighting setup in my friends 65gal(3'Lx18"Wx24" deep).He grew LPS/shrooms,and even a RBTA with them.