I would argue that 600w is the way to go, they have the best lumen per watt output out of HPS lights and run decently cool. plus they are almost the same price.
Agreed on output vs cost but by going with larger lights like the 600 or 1000 you loose the flexibility that comes with the smaller 400,the larger the light the less flexible it is & the more drawbacks come with it.
Lets put the heat issue aside & talk about coverage. As im sure everybody knows light fades to the square of distance,the more floor area being covered the higher the light needs to be raised to cover that area,with raising the light you get alot of wasted lumens.
Ive found out that in my rooms using 2 400 watt systems vs a single 1,000 watt system the dual 400's outperform the bigger light in every way,i can cover a larger floor area & have the lights closer to the canopy,have more light directed where it needs to be & still have less heat over the single 1,000,plus by having dual 400's over the 1,000 if a ballast ever blows im not screwed,ive still got a light going in the room while i order a new ballast or repair the blown one.
The same would apply to running dual 600 watters,if you pit 3 400 watt systems against 2 600 watt systems you'll still have better coverage at the canopy & better light penetration to the lesser bud sites.
There are other issues that need to be considered also like line draw,on a standard 15 amp household line you can only run a single 1,000 watt system,on the same line you can run two 600 watt systems or three 400 watt systems.
Lumen ratings & costs to run are only a small portion of selecting lights,future room upgrades & even possible down sizing need to be considered when choosing lights,with larger lights its impossible to downsize in alot of cases,a 400 watt system will work many places where the larger 600 or 1,000 wont,IMO 400 watters are the most versitile & cost effective systems on the market.