The important thing to keep in mind with regard to replenishing depleted elements is water changes only address the volume you are discarding. In other words, if you have a 100 gallon tank and do a 20% water change, the 20 gallons you replace will have the correct NSW (natural salt water) levels, assuming your salt is worth its... how does the saying go?... salt

The other 80% (80 gallons) will remain at the depleted level. Of course once it mixes, you get an average that is lower than NSW with respect to the "good stuff" that corals need, and higher in "bad stuff" that accumulates and becomes toxic to corals.
Another common misconception is that elements are depleted only through coral growth. Reef building corals, particularly fast growing SPS, do in fact consume a fair amount of calcium, carbonates (KH), and magnesium etc., but you also lose a great deal of these through the growth of coraline algae, hard tube worms, and down the drain with what your skimmer collects. These two studies show that there is a substantial amount of calcium removed through protein skimming. In some cases the calcium is in the "raw form" from a calcium reactor (not yet fully dissolved into the water). In other cases the calcium is bound to particles (POC/particulate organic carbon), and in other instances the calcium is sources from the outer shell of plankton that the skimmer has trapped. See table two here
http://reefkeeping.com/issues/2002-12/rs/feature/index.php and this article here
http://www.advancedaquarist.com/2010/2/aafeature
The interaction of chemicals in the water causes some additives to fall out of solution and bind with other chemicals you are adding or are already present in the water. For example, when you add a calcium supplement such as calcium hydroxide or calcium chloride, the calcium ion may partner up with phosphate to form calcium phosphate precipitate. While you lose a small amount of calcium through this interaction, on the plus side you rid yourself of some phosphate that would otherwise feed nuisance algae.
As in the ocean, the calcium-based (calcareous) rock and substrate in your tank will slowly dissolve and add the essential elements your corals need for growth, completing the cycle. The nitrifying and denitrifying bacteria in your rock and substrate release a localized acidity which dissolves some calcareous media. While this is only a small portion of what your tank consumes, it's a natural supply of recycled elements. If you were to grind up and analyze the composition of dead coral, sand, and reef rock, you would find the exact elements that corals require in the proper proportions. Like us, corals are what they eat

A calcium reactor does this exact process in an isolated container where the tank PH will not be affected (lowered). Calcium reactors use acid (carbonic acid/Co2) to dissolve calcareous gravel by lowering the PH (acidic environment). If you can iron out the kinks with cheaper calcium reactors to assure a steady drip of Co2 and processed water, they are pretty much "set it and forget it" as Ron "Ronco" Popeil would say. Your reactor looks pretty reliable Peter. Is it a Schuran? The key to successful calcium reactor operation is a reliable feed pump, proper use and maintenance of the Co2 regulator, and clearing clogs in the media as needed. Some people add 15% dolomite (calcium magnesium chloride) gravel to their calcium reactor to better supplement magnesium and help calcium go into solution better.
In my experience, you will not experience RTN (rapid tissue necrosis) with a low level of calcium while keeping LPS and soft corals, just slower growth rates. In the case of SPS, you will get bleaching (faded colours due to a loss of symbiotic algae) which may lead to STN (slow tissue necrosis). This article touches on the vibrio bacteria that causes RTN & STN.
http://www.coralrx.com/index.php?option=com_content&view=article&id=16&Itemid=18
Calcium is a building block for us and our invertebrate friends. Our bones will get weak and corals will be stressed if we don't get enough calcium, but it isn't a rapid decline as some may indicate. I asked Bob Fenner from
http://www.wetwebmedia.com/ about the perils of a low calcium level and he concurred that it is merely a stress factor, not a direct cause of mortality.