Check out these videos on mass-transfer. The first one is with water going straight at the colony. you can see how much "stuff" gets transfered in and out. The second video shows wave action. Theres about 10 times the mass transfer with waves....translating to reef tanks, this means more nutrients being taken up by the corals, and more superoxides and other wastes removed.
http://www.aslo.org/lo/toc/vol_51/issue_2/1134a1.html
http://www.aslo.org/lo/toc/vol_51/issue_2/1134a1.html