Blurple LEDs:

Pro:

• Cheapest entry level LED option.
• Doesn't get hot enough to burn your house down
• Doesn't use a huge amount of power

Con:

• Doesn't deliver full spectrum, I suggest if you go blurples, get one with some white LEDs, UV, and Far-red/IR built in.
• Less efficient than professional quality LEDs per watt.

Metal-Halide:

Pro:

• Cost effective
• Good for vegetative growth
• Can usually get conversion kits so you can swap with HPS.

Con:

• Can get hot and burn your house down.
• Doesn't generate the same green through far-red spectrum as HPS, so overall not as good for flowering.
• Can end up with really short, stalky plants if used by itself.

High-pressure Sodium:

Pro:

• Cost effective
• Good all-around
• Can usually get conversion kits so you can swap with MH.

Con:

• Can get hot and burn your house down.
• Doesn't generate the same strong blue end of the spectrum like blurples or MH, meaning your plants will end up being a little taller with less pigment.
• On its own sometimes your plants will be more leggy and tall/stretched than if you had something with more blue light.

High quality LEDs:

Pro:

• Probably the best of all of the above for light quality and growth
• Doesn't get hot and burn your house down like MH/HPS.
• Most power efficient

Con:

• Most expensive, poor ROI until you've used them for a long time.
• Even more expensive if you are not doing a DIY build option.
• If DIY and you wire it wrong you can burn your house down.
• If DIY and you touch a hot DC terminal you can kill yourself.

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With all of the above options make sure you have dedicated electrical circuits with arc-fault protection and ground-fault protection in addition to the normal overcurrent protection present in a breaker.

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Be Safe.