I'm going to rock the boat on this one, but hey, it's the "arena of ideas".
I'm battling the same issue of my corals bleaching. I really don't buy the low phosphate and low nitrate theory. That's what everyone keeps saying, but I have yet to find anyone that has shown that to be a fact. If you look at the levels in the ocean, I don't really think that any of us are that low. However, if you compare what is considered an acceptable alkalinity range, typically our tanks are much higher than the oceans concentration.
From what I've read, most oceans are in the neighborhood of 7.5dkh whereas most of us run between 9-11dkh. That is the route I'm pursuing right now. I've dropped my Alkalinity from ~10.5dkh down to 8dkh over the last month or so and I'm going to try and aim for a target of 7.5dkh. I've also dropped my photo period and only run all 4 bulbs for 3 hours.
So far, my Hammer coral has regained a lot of it's color and my nitrates and phosphates are still 0ppm. My Stylophora is definitely still bleached, but I'm honestly not sure about my older Acro frag. To me it looks bleached because it's lighter than it was when I bought it, but I'm not sure if it's bleached or not. It has went from a purple color to almost a yellow color with purple tips. It looks like the Acro on the front of the Red Sea Pro Magnesium box.
I'm hoping that once I get the Alkalinity down to 7.5dkh that everything will regain it's color. I also purchased some new SPS and a frogspawn over the weekend so we'll see what happens with them. Hopefully they keep their color.
Oh, and the hammer coral actually split while it was bleached and now has 3 head as opposed to 2.
Hammer coral when purchased.
After bleaching:
About 2 weeks after dropping the Alkalinity to 8.5dkh from 10.5dkh and the photo period.

[/QUOTE]
Now (Sorry about the quality, but I cropped it out of a FTS I had):
Acropora - When purchased: I'm not sure if it's bleached or not because it looks just like the front of the Red Sea Mg Test box.
Now:
So my argument is that if it's low nutrient, then how did my Hammer coral regain it's color from dropping the photo period and Alkalinity? I'll keep updating this thread as things progress and hopefully between all of us we can nail down this issue.