I perform weekly 5% water change in my reef aquarium. Not to dilute nitrates or phosphates, or even really to balance water chemistry, but rather to "get under the hood" of my aquarium.
These small water changes allow me to siphon detritus that has settled on my sand bed and rock structure, to bring in some fresh trace elements for the corals on a regular basis (without having to dose for every single minor element) and to keep the tank looking healthy and clean. It also gives me a chance to clean the skimmer, replace the carbon, etc.
I have a 75 gal reef and I've got it pretty dialed in by this point. Only takes me 20 min start to finish. The fish and corals seem to like it.