I've used an eight hour photoperiod for a couple of years now, and I'm quite happy with it. I've spoken with a reefer who uses two photoperiods per day, in an attempt to encourage rapid growth. I've never tried it, so I can't say how well this works.
Something I've read several times is that a reverse photoperiod in a refugium (light on when the tank light is off, and vice versa) helps to maintain a stable pH. It seems to work for me, but I've never conducted a rigorous test against any other arrangement.
From what I've ready, if you really want to know how much useable light is reaching your corals at a particular depth, a PAR meter is your best bet.
PAR stands for Photosynthetically Active Radiation, and a PAR meter only measures light within a particular wavelength range. There are some arguments about the exact set of wavelengths the device measures. Some people say that marine photosynthesis uses a different set of wavelengths than the dry land plants that the meter was designed for. Others point out that a PAR meter is better than nothing, better than a LUX meter, and probably the best instrument for this job that your average hobbyist can afford.