From what I understand, it comes down to two things mainly. 1)Lumens/ft[sup]2[/sup] and 2) Color temperature. I believe it is AlabamaJack who says that you should aim for 3000 lumens/ft[sup]2[/sup]. And optimal color temps for growing are in the red and blue spectrum. The lower the color temp the more red the light is, and the higher the color temp the more blue the light is. For red spectrum CFLs you'll look at 2700k lights and for blue spectrum CFLs look at 5000-6500k lights. Ideally you'll want a mixture. IIRC, blue spectrum is best for vegetative growth and red spectrum is best for flowering/fruiting.
I'm sure there is a bunch more involved here, but that's what I know so far in my extremely limited experience.
Here is an excellent topic by Omri that goes in a lot of depth about lighting.
Thanks alot for the nice response. But, you still never mentioned as to when i should make this upgrade. I wonder how much it will cost? It sounds expensive lol