My understanding is that the airstone plays with the CO2/O2 gas exchange ratios and therefore, raises pH. In theory you could have too much oxygen in your water and choke out your corals. I this hard to believe though as any decent skimmer adds mutliple times what a airstone could add.
That said I do know of tanks that run bubblers, much large bubbles then airstone, pretty much just for the effect they like.