Several comments:
First, the comparison to tank lighting with the outdoor reefs is apples and oranges. Sure the sun puts out a lot more power (W/gal), but that's not what we're talking about. The sun doesn't emit photosynthesizing wavelength light in as tight a band as bulbs, so while the total W/gal might be less in a tank, that has nothing to do with whether the right wavelength is reaching the corals in sufficient quantity. Also, large portions of reefs are much further under water than most tanks, so the amount of light that hits the water is not the same as what's reaching them, nor does it correlate perfectly with what the sun puts out. The ocean water filters and refracts light (that's why it looks blue) but bulbs are designed to give corals exactly what they need.
Having said that, I'm sure natural light would be the best thing but since we don't have that it still means we have to replicate it the best we can, which is obviously sloppy seconds but it's all we've got.
Second, I think MH's have other problems, esp the heat generated, and the cost. In a perfect world I'd have all my tanks with MH's and not worry about it, but even CF's at high wattage produce enough heat that in my part of the world I'd need a chiller to keep the tank cool or keep an open lid. The latter isn't possible if I want a snowflake eel, which I want.
So... the real question is what can I get away with without the problems produced by MHs. If my temp spikes because I can't afford a chiller, it matters very little what kind of W/gal I put in there. The anemone is dead from excessive heat, so the question is how many W/gal do I NEED as opposed to how many are ideal in a perfect world.
Also, anemones can photosynthesize and eat solids, both methods are probably needed to keep them healthy, but I'm sure there are feeding approaches that can be used to help offset imperfect (but not horrible) lighting, since both things (food and light) basically provide energy for the animal (ie do the same thing at the end of the day).
Finally, I go to a salt store in Milpitas, Cali, about 2x/month that keeps very lovely anemones under CF's. They have a very nice selection of corals and several display tanks (the anemone is in a display and has been for several years, it's about 12" diameter and orange, but I haven't looked up the species). I don't know the W/gal range they have but if I were to guess it's probably about 5-6W/gal at most. I'll find out for sure, but I'm pretty sure several people have managed to find ways to keep anemones without MH's, especially the less demanding species I would like to start with. The CF's I'm leaning towards are 95W and I could drop the tank size to 35gal which would make it about 5W/gal. According to liveaquaria.com, the bubble I like is fine with "moderate" or "bright" lighting. Moderate is defined as 4-6W/gal and Bright is 6-8W/gal. So my question is what are Javeo and the salt store are doing to make the lower light tolerable for the anemones. If they're an exception they must be doing something else right.
I will also look more into solutions to the heat and lid problems with MH's so if I'm missing the mark on my reluctance to use them please set me straight, I would be more likely to use them if I wasn't worried about baking corals with them. My CFs have done very well for me in the past with Zoa's, Xenia, Anthelia, Star polyps, Acropora, etc, as long as I replace them every 6-9 months. I use one actinic and one 10000K, but total i've only got 4W/gal in my tank and everything is flourishing.