I've been wondering about this, too.
I put mine in my overflow, purely out of convenience for ease of cleaning and inspection. I've got about 12X per hour exchange rate with my system, so essentially the tank water's being exchanged roughly every 5 minutes. I would think that there would be little to no difference between tank and sump parameters. Would you guys agree with this assumption?
My other line of thinking was that, I want to directly measure the parameters of the water that my living creatures are occupying, not what's going on down below.