Here's a description I found for some bio media I was looking at:
"A highly porous media designed to provide exceptionally efficient biofiltration for single site removal of ammonia, nitrite, and nitrate from freshwater, marine, and reef aquaria. Each liter of Matrix provides over 160,000 cm2 (170 sq. ft.) of surface, equivalent to over 40 L (10 gallons) of typical plastic ball media.
Use 500 mL of Matrix for each 200 L (50 gallons) of water. Matrix may be placed in any kind of filter, and is particularly effective in a canister filter. Matrix is sufficiently large that no filter bag should be required for most applications. Matrix works well in drip tray systems, but you may find that the larger Pond Matrix (sold separately) is better suited for such applications.
Product highlights:
Aerobic bacteria grow on the pitted external surfaces of Matrix and convert ammonia to nitrite and nitrite to nitrate.
The pores which cover Matrix are home to anaerobic bacteria.
Anaerobic bacteria convert nitrate into nitrogen gas, which is then expelled at the tank surface."
I haven't really read anything on this website (or other websites) about nitrate being converted to nitrogen gas, which I'm sure could happen, but is that really a chemical reaction we can count on to occur in aquarium situations? I mean, I would LOVE to have an aquarium that needs no water changes, but I'm sure that's not going to happen anytime soon.
What do you guys think?