I guess I'm paranoid because I think I DID lose 5 fish all due to low oxygen levels. My first learning/experimental 12 gallon Eclipse could not keep a fish alive, even though snails, crabs, and feather duster did fine in there. I would buy a fish and 3-5 days later it would be dead. Ammonia, nitrites and nitrates were all good. We've never been able to figure out why I couldn't keep a fish alive in that tank and I'm in the "experiment" phase now of trying to narrow down the problem. I took the water out of that tank and put it in a bare QT tank, put in a fish, and he's been doing great. I'm leaving the original live rock and live sand in the "killer" tank and am now letting that cycle a week or two with newly RO'd/DI'd, salted and bubbled water and will again try a fish in there.
The only logical conclusion we've been able to come up with is that this tank didn't have enough oxygen in it. Why else would snails live and not fish? And I have since learned the probable reason why there wasn't enough oxygen in there was because I didn't have a powerhead in my holding tank of water change water. I was always adding RO salted water that had been sitting idle for 24 hours, NOT moving or getting agitated. And when the fish in the tank would start to look lethargic and gasping the first thing I would do was a big water change, thus, probably robbing him of even MORE oxygen with the un-oxygenated water.
That's the reason I'm so interested in water oxygen levels - I want to finally find out what was killing all the fish in there and would like to see how much of a difference it makes having a powerhead in the "holding tank" water versus not having one. If there is a big difference, I probably have my answer, but I didn't want to sacrifice another life to conclude that.
Sue