The bulk of sand in my 125gal, is play sand (around 250lbs total, 40 or so pounds of that true calcium based sand) since it was setup August 2006. No real problems so far, calcium as always been a tad low and having to dose a touch more then normal IME, and I've always had a touch of nusiance algae, but I blame that to the large bay window that sits adjacent to the tank.
The real problem is the look. You either get the yellow'ish Quikcrete stuff, which flat out looks terrible under typical aquarium lights, or you get the 'white' play sand, which looks like concrete. That's why I have the good sand over top in my tank. If you not planning on running a deep sandbed, just 1"-2" I probably would recommend to not shave the couple of bucks in the sand. I've having to constantly add more of the good sand to keep it uniform.