FWIW, pH and salinity are about the only things I check, but that's just me.
While I agree that there is a pretty big range of acceptable pH, say, 7.8 to 8.5, it is clear from the scientific literature that lower pH can negatively impact the growth of hard corals and other calcifying organisms, and that if the pH is low enough, coral skeletons can actually slowly dissolve. This is the main reason that oceanographers are so concerned about rising CO2 levels and lowering ocean pH. The values that worry them are far higher than the low levels hit in many aquaria.
Excessively low pH can be corrected or offset in a number of ways that are easily accomplished in many systems, assuming it does concern you.
In addition to the articles described above, this one summarizes a lot of the effects and concerns:
The "How To" Guide to Reef Aquarium Chemistry for Beginners, Part 3: pH
http://reefkeeping.com/issues/2007-05/rhf/index.php
from it:
Introduction
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Aquarists spend a considerable amount of time and effort worrying about, and attempting to solve, apparent problems with the pH of their aquaria. Some of this effort is certainly justified, as true pH problems can lead to poor animal health. In many cases, however, the only problem is with the pH measurement or its interpretation.
Several factors make monitoring a marine aquarium's pH level important. One is that aquatic organisms thrive only in a particular pH range, which varies from organism to organism. It is, therefore, difficult to justify a claim that a particular pH range is "optimal" in an aquarium housing many species. Even natural seawater's pH (typically 8.0 to 8.3) may be suboptimal for some of its creatures, but it was recognized more than 80 years ago that pH levels different from those of natural seawater can be stressful to fish. Additional information is now available about optimal pH ranges for many organisms, but the data are inadequate to allow aquarists to optimize pH for most organisms which interest them.
Changes in pH do substantially impact some fundamental processes taking place in many marine organisms. One of the most important of these processes is calcification, or the deposition of calcium carbonate skeletons. Calcification by many organisms is known to depend on pH, dropping as pH falls below normal levels. If the pH is low enough, coral skeletons actually dissolve. Using this type of information, along with the integrated experience of many hobbyists, we can develop some guidelines about what is an acceptable pH range for reef aquaria, and what values push the limits. These recommended ranges are detailed in subsequent sections.