I have been setting up the security lighting around my home recently and while I have typically used only motion-activated lighting around my previous residences, I am now working with lights on photosensors as well and may settle on a combination of both. This is due to the availability of some relatively new products such as low-wattage reflectorized compact fluorescent lighting and photosensor switches that are compatible with fluorescent lights. These allow continuous outdoor lighting that consumes a fraction of the electricity of the older flood lighting that uses incandescent lights.
The approach I am taking is to use the switches that screw into the light socket of a standard light fixture in between the bulb and the fixture. You can get a variety of switches that install this way: photosensor, motion-activated or timer/photosensor. You can then install any sort of flood, spot or area light, either incandescent or compact fluorescent, depending on the use (but don't bother putting a fluorescent light on a motion-sensor switch).
One advantage of this approach is that you can start with one standard outdoor floodlight fixture that has 2 individually aimable sockets and you can put independant motion sensors on each socket. This allows you to aim one floodlight/sensor pair in one directin and the other pair in another direction and get double the motion coverage from a single fixture.
Another advantage is that you can convert one socket for continuous lighting with a photosensor controlling a compact fluorescent area light and supplement it in the other socket with a motion-sensing switch controlling an incandescent flood light. I have one running like that now with a 23 watt fluorescent bulb that runs an average of 12 hours per night and should last 6,000+ hours or 1.5 years and consume less than $12 per year in electricity.
And finally, installation is simpler as is taking them along with you when you move.
I was previously of the opinion that leaving lights on all night is a waste of electricity, and maybe it is, but I have heard that combining continuous lighting with motion-activated lighting can enhance security and with the lower-consumtion CFL bulbs, even my frugal side can stomach the electric bills for a limited number of these, so it is something I am experimenting with.
I got my fluorescent-compatible photosensor switch at my local home center, but it is also available here for the same price shipped (not sure about shipping cost outside of the US). They also have some other similar switches:
http://www.crime-prevention-products.com/sensor.htm
A good home center should also have whatever else you need in motion sensors and bulbs or anything else.
Good luck.