It really depends on the goals of your tank. If you're going to be keeping light demanding plants that color up with high light, the Ray 2 will not work on taller tanks that well. It's a solid performer on green plants, they grow great. I even got DHG to carpet with it. But it's not a perfect light in that it's very heavy in blue spectrum. Lacking full spectrum makes the tank look a bit washed out in color and had some effect on growing plants, IMO (i.e. my red plants faded to green). That's why if I would go LED (knowing what I know now), unless it's an all green iwagumi type build, I'd recommend going full spectrum LEDs for a high CRI (color rendering index) and to get colors to pop more, which (subjectively) makes my tank viewing experience more favorable (again...IMHO). Unfortunately, full spectrum lights are a little more pricey. However, Finnex is releasing a Fugeray Planted Plus with red diodes in it that might be good and it's supposed to be priced between the Ray 2 and their regular Fugeray. It's not out till November so it's hard to say how good it is until the reviews start pouring in. There is one YouTube review of it out now (I'll post it in a bit...got to look for it).
Other options in full spectrum LEDs would be more spendy (unless you're a LED DIY wiz). I'm currently using two Current-USA Satellite Plus fixtures and love them! But I think it's more than what you'd want to spend. The other option I really like is that new BuildMyLED.com fixtures, particularly the Dutch version. They incorporate various bandwidth LED chips to really get that full spectrum going. It's a higher powered LED light, so only one would be needed, and capable of penetrating taller tanks.
But for the sake of budget, you can achieve a nice full spectrum color output with penetration capability without breaking the bank with T5HO. I'd spend the little extra and make sure you get a fixture with excellent reflectors, something like the AquaticLife T5HOs. Only downsides with T5HO are: bulbs should be replaced annually, higher power consumption, and they run hotter (which can increase water temperature in the summer).