Proper UV usage comes down to the Flow rate through the UV and proper Wattage for the water volume.
This article is very useful for this I believe.
http://www.americanaquariumproducts.com/AquariumUVSterilization.html
It states that while it wont completly irradicate Ick and other paricites, it will help in keeping an enviornment that is not condusive the the paricites. Hyper-clean water will help keep incidences of Ich and other paracitcal outbreaks to a minimum as the fish will be less stressed due to the clarity and quality of water.
A large enough UV with the proper flow rate can and will iradicate paracites, the problem is that to properly do this a 120 gallon tank would require either 120 Watts of UV with a 800GPH flow rate or a flow rate through a minimum of 40 whats of about 200gph, less preferably. Very few systems have the proper flow rate/wattage set up due to the cost of doing this on such a system and the sheer size of the UV filter. Infact, I belive my UV filter to be Highly Undersized for my system but my flow rate through it is at about 120GPH on a 30w. However, with it not being inline, the impact of it is cut in half as all the water isnt flowing through it but only 120GPH. It helps as a clarity system right now, but as far as parasites, It doesnt do much due to the fact that its just pulling from the sump.
I do however notice a difference in the free algea in the system when I pull it off line for maintence or to running it on the QT System, bypassing the main system.
I do intend to incorperate a 80 watt UV inline on my system, which, when put in conjuction to the 30 watt will help control the parasites but again not completly irradicate them.
Also, one must understand that with UV, you can and will, if properly set up, lose some benificial fauna including but not limited to cocopods and isopods. however, with a healthy system and a proper refuge, these losses will be nelegible.
One very common misconception is that you will lose the benificial bacteria that we all strive for in or systems. This is simply untrue as very little of this bacteria is free floating in the water column and needs a surface to survive, hence live sand and live rock. While There will be small amounts in the water colomn, losing this will not stop the propigation of these beneficial nutrients/filters.
Again, I highly suggest reading the above article, I found it very informative, as well as helping in my own experimentation with UV Sterilizers.