FYI: compiled from personal observations and my research on the topic so far:
*phosphates can fuel nuisance algae growth and inhibit calcification in living reef organisms:
http://reefkeeping.com/issues/2006-09/rhf/index.php
there are many varied methods for lowering phosphates in reef aquaria and it's beyond the scope of this thread to review all of them. Chemical adsorbers and flocculents are simply a few of the options available.
*granular ferric oxide and aluminum based PO4 adsorbers can be pricey and risky to some extent if used improperly. In certain cases (especially in large aquariums) these might not be a practical option.
some suggested ideal levels for PO4 in reef aquaria:
.06ppm - .1ppm using reliable low range PO4 test kit(s)
some suggested reliable low range PO4 test kits:
Elos phosphate test kit
Hach PO-19 & Hach PO-24
Deltec/Rowa/Merck (basically all the same with a different name on each)
Hanna Photometer and/or Colorimeter (Several models and a kit is available. Thanks for the info, Tom!)