I have a thing for 10 gallon tanks (see my tank thread) and I've seen a number of really great ones on NR, I think with your planned lighting you should be okay for at least some SPS. Some people do well with PC fluorescents, others hate them... I prefer metal halide personally, though it definitely has its drawbacks.
What I like most about this [my 10 gallon] is all the really tiny stuff that you need to get close to see... you would never notice some of this stuff in a 120
