There is a ton of info in the past about lighting... most of it is in the planted forum section seing how thats where it is most critical. Here are some info:
The smaller the diameter of the bulb (flourescent) the more effecient it is typically. A CF bulb is far more efficient at producing light per wattage of power consumption versus a T12. The main reason is because the bulb is smaller in diameter. The main reason this is the case is because the smaller bulb can excite and heat the gas inside more easily. The larger 1.5" diameter T12 bulb cannot heat the gas up like a much smaller T5/CF bulb. I have used T12, T10, and T8 bulbs on my own tanks. T8,10,12 bulbs all fit the same endcaps (the pin connections are the same) but the ballasts are different. The T8 bulbs use instant start ballasts (generaly on the ballast part number will be an 'IS'). I have succesfully used all the bulbs with electronic T8 IS ballasts without any problems yet. I just completed my new hood wich uses 4 endcaps from my gutted out $6 wall mart flourescent fixtures, and ballasts I got on ebay, overdriven 2X (where a 4 bulb ballast pumps its power into just 2 bulbs - called ODNO for those who havent heard about it).
As far as efficiency goes you can also see that a 48" T12 bulb draws 40W of power, while a 48" T8 bulb draws only 32W. There was some posts that listed the efficiency, i dont have em handy but it goes directly with bulb size, T12, T10, T8, and finally T5&CF. They also now have T6 bulbs which are CF/T5 bulbs with the standard T8,10,12 pin connection so you can get CF/T5 efficiency in a canopy designed for T8 or larger bulbs.
As far as the color, I havent yet seen any official scientific results saying specific wavelengths are the best. It is generally accepted that 5000K-6500K is a good range for plants. It has also been mentioned that plants are pretty adaptable as long as the light isnt excessivly shifted to one particular color.
The best bang for the buck I have found with bulbs are Phillips Daylight Delux found at your local Home Depot for 2 bulbs for $7. They are T8's, 6200K or 6500K cant remember for sure, and are much brighter than the T12's I had. Especially overdriven 2x they are much brighter. I have some photos I can upload of the difference between the bulbs, but I am at work right now.
Also in any hood that has any kind of reflector or even a white backing, the smaller bulbs will have less 'restrike' and allow more reflected light to get back into the tank.