When I was into reefing, I built a coil denitrator, but never ended up hooking it up. For reefing, having super-low nitrates is more critical because of the requirements of SPS corals, clams, anenomes, etc. Plus, water changes are less frequent since you have to mix your own water. The problem with them is that they take a long time to get working and there's always potential of them crashing and killing your system.
I've looked at the Aquaripure website before and it seems to work (quicker and more safely than the coil system), but very expensive (both startup and recharging materials iirc).
Instead of this, I've been considering building an algae turf scrubber for my 180 (or potentially daisy-chain together my bank of 10s in the fish room).
Algae Turf Scrubbers (ATS) are used widely in commercial aquariums to reduce frequency/volume of water changes. They will not eliminate the need for water changes (you still need to replace trace minerals like Charlie says), but in my opinion, would improve the overall health of the tank. (I'd still do weekly water changes, but the nitrate levels would be consistently lower)
It works by pumping water down a screen that is above the water level. The screen is lit and the water/screen is super-oxygenated so it's an idea place for algae to colonize. You need to scrape/partially remove the algae growth weekly/bi-weekly, otherwise the material on the inside will die and release nitrates back into the system. It's the equivalent to having a heavily-planted tank, without any plants. Not really practical for a non-drilled/sumpless system, unless you want to set it up above the water level of the tank.
The obvious drawbacks of this system (vs. the Aquaripure system) are the slower startup and the need for two or three items consuming electricity (pump and 1-2 lights).
Here's a picture of a basic setup:
There's a bunch of info on the web on building these things. There's actually a whole website on the subject with hundreds of pictures, trials-and-tribulations, build threads, but I can't find it right now. Here's one site were the guy has a step-by-step build of a basic model:
http://www.markstraley.com/aquarium/algae_turf_scrubber.aspx