That's an interesting question, and I want to start by saying I do not at all consider myself an expert in that area. However, that doesn't mean I can't have educated opinions
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To me, it's all a matter of type and frequency, though other things like water movement come into play as well (more on that later). Since we're in the SPS forum, I'll restrict my answer to those (no offense to LPS people; I love them just as much as SPS, but I want to keep the answer short).
As I stated in my earlier post, most corals will lighten their pigmentation when they are not getting enough energy. This might also be accompanied by a browning, but not always: the zooxanthellae need "fertilizer" as well, so they might not be able to increase in population. When food is provided to the corals, this cycle tends to reverse (but not always). Of course, feeding SPS can be very difficult, and I actually think target feeding might be ineffective unless you can very effectively keep plankton in the area (note that many acroporids produce mucus nets to increaese their capture of plankton: this is an energy investment, and is a good sign). I think a more effective alternative is to increase the fish load (and/or their feedings)
within reason. SPS are very effective feeders on dissolved organics, and the increase in both dissolved food and fish waste can really help the corals. This is one area water motion can come into play: good water motion is needed to break the water layer that forms next to the colony; this allows for better transfer of waste and food.
Now, having said all that, it is still important to keep nutrient levels low to (preferably) undedectable with hobbyist kits. When there is a great excess of nutrients, the zooxanthellae will grow in abundance, leading to browning and (in very extreme cases) bleaching (a case in which the coral basically "hits the reset button" on the algae-coral relationship. However, it is still important, IMO, to have a good dynamic nutrient exchange (that is, lots of nutrients being added/produced, and just as many being used).
In conclusion, I don't think target feeding corals is very effective unless you have ways of confining the food to the coral's surroundings. However, feeding fish, or increasing nutrients in other ways (adding a liquid plankton substitute is like adding fertilizer) can help restore lightened colors. It's not a given, but it might help.