Once you get Mg where it's supposed to be it's pretty stable. For me anyways. I have a pretty heavily stocked tank and it's not something I add on a daily or even weekly basis. Besides whatever Mg is in 30 ml of B-ionic daily. Which probably doesnt amount to much.
I test Mg maybe once a month. It stays pretty stable around 1350. If it starts getting low like around 1260 or less, I'll dump a few capfuls of Kent Tech-M in to boost it back up.
The corals need it, but the main thing it's doing is helping keep your Ca and alkalinity in balance. If you let the Mg drop too low, Ca and alk will begin to fluctuate too much on you. Which can also lead to low pH. Mg keeps them in balance. High Mg doesn't do much but is unnecessary.
You can learn more about it from the stickies in the chemistry forum. I didnt absorb all the info but that is a summary of what I got out of it a long time ago.