For powerheads, I would look into (2) options: On the budget, but still awesome side - Hydor Koralia 750's. You would get two, and they are great. You can find them on Amazon shipped for $35 each.
On the high end, and even more awesome, would be the Ecotech Vortech MP-10w ES's. These are about $285 each, and they are fantastic.
I was a big fan of the AquaticLife fixture that I had. Mine was a 4-bulb and I replaced the bulbs with ATI bulbs. (2) Aquablue specials and (2) blue pluses. They did really well for me and I kept a nice mixed reef under them.
I agree, however, that if you are serious into keeping some of the more light demanding SPS
(small polyp stoney) corals, you will either want a 6+ T5 fixture or "Good" LEDs.
As far as the built in timer, I loved it. It was super easy and never had any issues. Mr. X has brought up the point though, that if your timer goes out, you are SOL. You can buy fixtures without the timers and get the $5 timers from walmart or homedepot to use.
I have since upgraded to LED
's myself and love them.