I ran bio pellets for a while... loved the results, the tank was crystal clear (maybe too clear)and virtually no algae issues. Unfortunately, I didn't do as much reasearch in advance of using them and found out later that ULNS systems prefer slightly lower ALK. I killed several SPS corals as a result - or at least that's what I contribute it to.
I've since switched away from the bio pellets and am simply running GFO and Carbon... however I'm now fighting algae after being off-line 9 months or so. I'm considering going back to the bio pellets now that my understanding of ULNS is a little better. Only other issue i notices with BPs was a little more cyano than normal, which I've read is fairly common but also likely had to do with some of flow issues.
My only advice would be to heavily research ULNS before starting.