I built one. it cost me around $25 bucks total. It takes some time to cycle itself, and it gets clogged up occasionally.
I tested the before and after water a while ago, and couldn't tell much difference. It was more of a pain to unhook it than leave it, and I figured it wasn't doing any harm.
My nitrates are lower now than they have ever been, but as I have not tested the befor/after water in quite some time, I cannot attribute this to the denitrator.
I'll test it this weekend and post the results (you got me wondering)
At any rate, I did have fun building it and no harm was done eeven if it does'nt work at all.
I have heard great things ("never do a water change again!") but can't confirm it for myself.