I large tank requires a lot of planning and research. Spend the time...draw it out and post your plans and ideas for others to critique.
I agree that a large tank is much stabler, and in some regards, easier to maintain. The additional space provides more aquascaping freedom and permits larger specimens.
Depending on the shape, larger and higher tanks can be more challenging to work with and clean, if you cant reach the sand bed. Larger tanks often work better when plumbed with larger diameter PVC.
I suggest automating your maintenance tasks as much as possible. Especially water changes. If you have the cash, add a Calc reactor and that may eliminate the need for additives.
I would also drill the tank and setup a closed loop to increase the water flow and eliminate powerheads and their monthly cleaning requirement.
My tank is in the basement, so heat hasnt been a problem; but the larger pumps and lighting add a significant amount of heat.
I know your post sd other than price...but I just wanted to mention that there were a lot of incidental costs that I hadnt thought of. You will get to know the plumbing dept at HD very well.
Besides the equip already listed in other posts, a 400 gal tank can house a lot of live rock and sand. Here is a calc for sand:
http://reefcentral.com/calc/SandBed.php I dont know your dims, but 96x30x30 tank (375gal) would need 750lbs sand for 5" DSB.
Dave