This is one that I found a while back, and I hope he doesnt mind me posting his recipe, but it seems to be quite well known:
The recipe is quite simple; mix:
1 part portland cement (look for the white colored kind)
1 part sand (I used silica playsand)
4 parts crushed osyter/coral
Mix the dry ingredients thoroughly in a bucket..
Add water (approximately 1 part) until you have an oatmealy, cottage cheesy kinda consistency...
Then, take a styrofoam cooler, fill it up 1/2 full with moistened sand (again, I used cheap silica playsand, but if you can get an aragonite sand cheap, use that). Make impressions in the sand to the shape you want, fill with mix, and cover with sand.
Let the rocks sit in the box for about 2 days until they're hardened.
Take 'em out, dust 'em off, and them throw 'em in a large container of water (this is the curing process) for about 6 weeks, until they're not giving off any more "gunk". Change the water in the container weekly and you should be good..
Make more than you need and experiment with the shaping process.. You can end up with some really neat pieces..
I can't say much in terms of pros or cons yet (since I haven't actually set up a reef tank as of yet), but from my view the pros are:
1. Not harvested from the ocean
2. Cheap cheap cheap
3. Made from readily available products
4. Fun to make!
5. You can make any size or shape rock you wish
As for cons:
1. they initially may not have the exact color of base rock; but once they cover with coraline and such this shouldn't be an issue.
2. some have said that depending on the ingredients you may end up leaching phosphates (this seems to be suggested with the oyster shells I've used in mine; time will tell)
Since you've already got a lot of rock, the DIY rock should "seed" with life nicely from all your other rock..
Do a search on oystercrete and agrocrete on here and you'll find more references to getting the "life" into the rock, and some other viewpoints on it in general.
Tyler
((((((((((((((((Again, not mine Tylers)))))))))))))))))