If it comes down to a budget I'd look into some of the cheaper Chinese pendants myself. PAR38s aren't really an affordable option considering they don't offer any control. They cost around $100 each or so and typically have around 12 LEDs will a total wattage around 30W, so $3.30 per watt. The D120 however has 56 LEDs and totals 120W. It costs less than $200, or $1.67 per watt. It also offers some control as well.
So if your budget is $600 then compare 6 PAR38s to 3 D120s. I think the value there speaks for itself, especially if your goals lean towards SPS.
The evergrows are the more popular Chinese alternative, I believe the reviews are also quite good on them.
http://www.reefsupplycanada.com/evergrow-led-lighting/