I don't test for phosphates, nitrites, or nitrates on a regular basis, if ever anymore.
I had an episode about 6 months ago where all of my SPS lost its bright color and became more of a pastel. I'd also lost a few LPS in rapid succession. An LPS pathogen might have been a concominant issue, but that's not the point.
After much testing and discussion with Jeremy (jeremym420), we thought perhaps the SSB, which had insidiously become Deep in some spots, might be to blame. I prepared for a large scale display tank detoxification. I got a 100gallon rubbermaid stock tank from ABC and siphoned most of my SB out, and performed a 100 gallon water change as part of the process.
It was for all intents and purposes about a 3 or 4 year old SB. The amount of muck, detritus, and malodorous water I siphoned off was what convinced me that my SB was just a toxic sink hole that had become over saturated. No longer a useful ally in denitrification, but quite the opposite. There was NO WAY any reasonable reef keeper could look at and smell all that muck and tell me it was ok to have anywhere in my captive reef.
Low and behold, about 3 weeks later, the LPS attrition had stopped and the SPS coloration returned to its former beauty. I have no actual data to make this a scientifically compelling exercise, just the experience to arm myself with.
I'm not saying I'm right or wrong, but I know which way I'll lean in the future.