Marinegirl -
Here's the definition of "Portland Cement" from Wikipedia:
"ASTM C150 defines Portland cement as "hydraulic cement (cement that not only hardens by reacting with water but also forms a water-resistant product) produced by pulverizing clinkers which consist essentially of hydraulic calcium silicates, usually containing one or more of the forms of calcium sulphate as an inter ground addition."
I'd note that this is the
base definition of Portland cement - many other additives are possible, one of which is phosphorus.
So-called "non-hydraulic" cement contains much less of the alumina-silicate component, but I'm not sure how easy it would be to find this in consumer packaging and amounts.
Regardless of the perhaps less-than-desirable components of most commercial cements, one can still successfully make artificial live rock from the materials. The issues to be tackled are porosity (or lack thereof), and curing of the finished product. Some degree of porosity can be achieved by mixing coarse salt into the mix, which then dissolves in the curing tub. The curing (for reef tank use, not "curing" as in setting of the cement mix) consists of long periods of soaking in fresh and/or salt water to both reduce the reactive calcium oxide that would elevate pH, and also to deplete the surface of undesirable compounds like aluminum, silica and (potentially) phosphorus.
In my opinion, actual live rock is still preferable to all other substrates, but dry reef rock is a more desirable substrate than artificial live rock from the standpoint of less potential for contaminating materials, particularly dry reef rock that's natural rock from the ocean. Presuming that it's been harvested from relatively non-polluted areas, the sea has already "cured" it for you, with the possible exception of phosphorus from organic sources that can be fairly easily removed by acid washing or curing in saltwater with the addition of lanthanum chloride to precipitate lanthanum phosphate.
Having said that, artificial rock made from cement or ceramic materials does offer more creativity when it comes to shapes and sizes.