Boomer,
Agreed, if the stuff makes it down into a sandbed or other place with a locally low pH it can dissolve, but to get any appreciable dissolution at all the pH has to drop pretty low (say around 7 or lower). That is unlikely in most tanks, even with a heavy organic load. Eventually this stuff can and will dissolve in such a situation (as will any other aragonite), but the rate is so low as to be essentially inconsequential in the context of an aquarium where calcium and alkalinity are in fairly high demand (even a low demand in a tank is very high demand relative to how slow this will dissolve). Even so, the concentration of calcium and alkalinity will tend to drop down to much lower than NSW levels over time since the pH of most of the tank will be much too high to get net dissolution. The only reason that the surface ocean in the tropics is able to maintain substantially supersaturated levels of aragonite over long time scales is that much of the ocean (lower than a few hundred meters in the Pacific, or a couple kilometers in the Atlantic) is near or below saturation with respect to aragonite. The surface waters are fairly far from equilibrium and this state is maintained by larger expanses of the ocean being at or below saturation due to high TCO2.
Yes, some of this will dissolve--there's no doubt about that. The amount is so small as to be negligible, however, especially at the pH (i.e., carbonate concentration) typical of a reef tank or of surface waters.
Yes, I suppose that if someone measures calcium or alkalinity while this is still suspended in the water, they likely would get a false high reading due to dissolution of the particles in cell.
Typically in my experience people are able to maintain appropriate or high calcium and alkalinity when using a product like this ONLY if they are also using tapwater. I used to maintain modest calcium and relatively higher alkalinity in a tank years ago just by using tapwater. The tapwater was pretty hard and had about 300 ppm calcium and 7 meq/l alkalinity (if I recall correctly) and demand for calcium and alkalinity in the tank was low. I'm sure that had I been dosing purple up or similar products the results would have been similar.
Chris