While it is possible to use sand and fake corals, I will add that there is no substitute for live rock and it can work wonders for fish health, IMO. It provides natural grazing opportunities and overall establishes a more normal and natural system. There are some fish that, IMO, you should simply not even try to keep without live rock, including things like angelfish.
Having extensive experience with fake decor, also keep in mind that it will not look so pretty over time, and requires pretty aggressive cleaning (I had a rotation that I would have in tank, and another that was soaking in a bleach solution). That is how they keep the fake corals at restaurants and such looking good.
IMO, nothing compares to live rock. And if the question is live rock or live sand it is always live rock. Live rock will seed live sand, but since live sand is bagged for extensive amounts of time, the opposite is more limited. Not to mention live rock is an actual part of the biological filter, and the same can really not be said for artificial decor (apart from the fact that bacteria grow on the surface...until you scrub it off).