Hi Shaar,
Here is my personal take on "Live" rock.
When I do it all over again, I am going to use ALL base rock (dead rock) like what John sells at C & S for cheap, and also use some DIY rock, then I'm going to pick out a small single nice piece of live rock with a species of coralline algae that I prefer (there are different species) or maybe even use shavings of coraline. If I use a "live" rock, I'm going to isolate that rock for long enough to make sure there are no unwanted algaes or creatures on it, then I will stick it in my tank to seed the rest of the base rock. After that, I will NEVER buy or trade any coral or fish that comes from a tank that has:
Cyano
Vermitid Snails
Bubble Algae:Valonia (Impossible to get rid of)
Hydriods
Hair Algae (or any other visible nusiance algae)
Aptasia Anemones
Majano Anemones
or
Small Feather dusters (the calcareous and the soft tube kinds)
and I'm sure there is more to list.
Most of the "benefits" of introducing live rock into my tanks have been dwarfed by the introduction of unwanted "crap" from live rock that cause more problems than benefits.
The only benefit of live rock that I can contemplate, is the coralline algae and the bacteria that live in the interstitial spaces of the rock. The coralline can be isolated and introduced separately into the tank and so can the bacteria...........without paying $$$ for a bunch of rock. Without the coralline and the bacteria, the rock is "dead" anyway.
Just my opinion

.