My water temps range from around 73 in Jan and Feb to around 82 in Aug and Sept. It has been this way for 10+ years. The coldest it has been is 68 and the warmest 85. I prefer to keep it between 74 and 80, but the room that the tank is in and the climate where I live cause seasonal temperature fluctuations.
I have not seen adverse affects on fish or corals. I have noticed the SPS looks more metallic / iridescent in colder water and grow slower. Some fish don't like the cold. I notice that my convict tang does not like it.

I feel like I need to give him a sweater.
At water tempratures below 70, some corals start to loose color. If water temps fall lower than 69 for more than a day, coral starts looking bad but recover if temps increase. If you are wondering how I know, I had a broken heater in February. My tank was at 68 for 1.5 days. After replacing the heater, all corals fully recovered.
At warmer temps, coral grows faster but are not as colorful (in my opinion). As Josephxsxn metioned, my RBTA splits like clockwork if the temp rises above 81. I know some venders use warm water to split their nem stock.
Bacteria are also more active in warmer water.. As long as you have good bacteria, that is good. If you have bad bacteria, not so good.
In the real world, reef water temps fluctuate greatly. If your tank fluctuates between 73 and 80 seasonally, you will likely not notice much change.
For those wondering what types of coral live through 68 degree water... My tank below: