Even though I think water changes are good, I don't believe it can keep your (CA, Mg, KH, and trace elements) levels up. This of course is dependent on the corals you have in your tanks. Tanks that have a lot of sps corals mainly struggle to keep these values up. Even with a ca reactor I still have problems with my Mg, though my KH and CA are normal levels.
We also have to take into consideration that our beloved protein skimmer also skims a lot of good stuff in the water. Mostly Trace Elements, and plantonic foods for corals. All of these things adhere to the tiny bubbles in the protein skimmer.
Some people don't like to do water changes because they are afriad of the high toxic metal count in fresh artificial salt water mixes. I know I'll be attack for this. But there have been studies on this. Some say that after many water changes that these metals can accumulate to toxic levels in your tank.