In this order:
1. Water quality - Keep the good stuff up and the bad stuff down. Minimize temperature changes as well as pH changes. Using macroalgae to take out your nitrates and organophosphates is a big help as well.
2. Flow - Not having enough flow will inhibit some SPS coral's ability to rid itself of wastes. However, too much flow will irritate corals, making them deformed, brown/white out, etc.
3. Light - Seeing as how this is the coral's main source of food (indirectly), it's definitely important. However, more is not always better. Personally, I run alot less light than most do, yet due to excellent water quality and great flow, I've seen nothing but great results. Too little light will of course cause the coral to slow its growth substantially, but on the other end, to much can cause tissue necrosis, as well as browning out from being burned. Another factor that comes into play is color spectrum. On a side note, some people keep lights on for 20hours a day with good results, others with 8 or less. Personally, I want my tank to work around my schedule. I like the idea of waking up, and seeing my tank with my actinics on as soon as I walk into my living room. After coming out of the shower, its great to see the tank's fully lit, that way I can really enjoy it. Same goes with night time too. Recent studies show that WPG (watts per gallon) isn't as important as most people make it out to be. I'm not saying it isn't but it seems that the actual distance from the light makes a bigger difference. I'm not saying you can take a 15W bulb and put SPS frags 2" from the light, it just doesn't work that way. However, some keep the WPG up in order to get light to the corals that are farther down in the tank. It comes down to what you keep. Clear water with little to no surface film plays a role in this as well. In the end, WPG and Distance play a certain balancing act for corals. Believe it or not, it's much easier than it sounds.
The extra equipment you mentioned of course helps out, but isn't a requirement. Everyone has seen wonderful, huge tanks that have excellent colors, lots of growth, etc. But, all these things do is basically do #1 of what I just listed - keep your param's in check. Kalk and Ca reactors help keep your Ca and Alk up, but it might be easier and financially feasible for others to simply dose Kalk, 2-Part, etc. The extra equipment is alot nicer if you have the patience to set it up, a tank with a sufficient amount of Ca/Alk demand, and the extra money.
Just my experience/opinion.