So DE bulbs and DE pendants like the reef optix IIIs and the PFOs tend to focus the light into the tank very well. In that respect, they tend to be a bit more efficient with less light wasted out the sides of the tank. That being said, they require a magnetic/HQI ballast which pushes the bulbs a bit harder, using more energy and being less efficient. However, a good DE setup can generate more PAR, more light and more penetration and therefore you could use a 250w DE setup and get similar results as a 400w mogul/SE (aka a regular) setup. For tanks that are deeper (>24" deep) then a DE setup helps the light to penetrate a little deeper into the tank.
That being said, because they focus the light more, you typically need to use the same type of DE bulb in each reflector as the colors do not mix well, unlike with a mogul setup. Also a mogul setup works better when you want the light to spread out a bit more, like in a cube or where you are trying to cover more space with a single light. For example if you used a DE/HQI setup for a 3x3 foot cube or 2 reflectors in a 5 foot tank, you would end up having areas where there was much less light.
The major exception to this are the Lumenarc reflectors for mogul bulbs. They may be the best pendant out there.
Mat