I made a typo in my post above:
"since intensity is proportional to the distance squared"
should be:
since intensity is indirectly proportional to the distance squared
In short, if you use high output compact florescent bulbs at close distance, you get plenty of light at close distances. That is why one generally has to continually adjust the height of the lamps as the plants grow. If you start with the lights too high, then the intensity would be insufficient and you will get stretching, or at the very least slower / stunted growth.
In the room with my HPS, I don't allow the plants to get too close to the lamp as they will burn. My hood has an option for an exhaust fan to keep the bulb cool, but I haven't purchased that as yet. If you plan on using an MH or HPS for vegetative growth, I strongly encourage the use of a cooling fan; otherwise, your bulb may sustain damage.
One other thought--the higher you hang your hood, the better light coverage you achieve, but at the cost of intensity. Given that's the case, I recommend purchasing the highest powered lamp that you can afford. Doing so will allow you wide coverage with good penetration.
Best,
GD