The biological processes of liverock concerning the nitrogen cycle will pretty much never cease.....even after the rock has been curroded into 100% dust, the dust will still host bacteria. This is because the only "special" thing allowing liverock to host bacteria is that it has surface area. The exact same bacteria is on the pumps, filters sand glass, heater, etc etc etc...everything, not just the rock. The rock merely adds large amounts of surface area for the needed bacteria which grows on anything when in correct conditions for either anaerobic or aerobic.
As far as the Docs theory goes about metals...I don't get it. First, because I have some rocks going on their tenth year, and also because if the metals could hurt our creatures over the years, they would be collecting in their bodies. If their bodies didn't absorb these metals, then why would it hurt them later? To say the metals fall out of solution, collect in the rocks, and then are time released somehow to fish and corals that are all of the sudden able to absord these metals they couldn't before, makes no sense??? If the fish and corals DO absorb these metals, then there is obviously an export for them......even if it is sadly dead animals over the years. I will simply place this theory alongside the forgotten "hydrogen sulfide crashes" that never happen. The "doc" doesn't even have many old tanks to play with, and claims to not even know many with them. Smart guy, but I don't think he can provide much more than a theory at this point, and one I find little worry from being that the bulk of my rocks are atleast seven years old, and some as old as ten years old.