Ok let me try to be a little more specific.
First - wet dry is a great filter for a reef tank. What you are probably referring to is removing the biological materials (bio balls normally) out of it. These can be a trap and cause high nitrate levels. IMO
the wet dry is still the only way to go. Actually even with the canister filter I used to use, I eventually removed all of the ceramic noodles for the same reason. The key is you have all the biological filtration you need with enough live rock/sand. Now, I would invest in a protein skimmer to go inside said wet dry, or a hang on (I use a aqua c remora and one in sump). So what I meant was a good skimmer, in combination with a wet dry. Again, that is only my opinion and what I would do.
Regarding lighting, I was looking on ebay a few days ago for replacement bulbs and came across this. AQUARIUM LIGHT 48" REEF ODYSSEA 260WT POWER COMPACT - eBay (item 360073009181 end time Jul-29-08 08:00:00 PDT)
While I have not personally used them, the price is killer, and it should be enough light for almost whatever you will want. These have l.e.d. for moonlight and seem to be pretty nice, especially considering this one went for 76 bucks. Less then I paid for bulbs!!!
If anyone has any experience with these I am sure they will chime in.
Hope that clears it up a bit.