Another side benefit of water changes, IMO, is observation. You're more likely to notice something amiss when your hands are in the tank, blowing off a coral, siphoning a sandbed, etc. Sure, we're all pretty cognizant people, but there's just that little bit more attention that's being paid when you're in "maintenance mode." Plus you're seeing parts of the tank -- filters, return pump, refugium habits -- that you don't normally look at when you're sitting back in the chair, adult beverage in hand.
Here's an ugly admission. I hadn't done a WC on the horse tank in, what? Two months? I just recently did one, and of course tested my levels pre and post. Other than Nitrates being around 40, then down to 30-ish after the change, nothing on my test kits looked truly amiss. According to Ammonia, Nitrite, pH, Salinity, etc, my water was "fine." Even the Nitrate was in marginally acceptable levels.
Yet the horses acted sluggish to me. Not lethargic or "sick" acting, just...slower. Less active.
When I did the water change (10g in a 32g real-water system, or 31%), the horses perked up within an hour or two of the fresh addition of new saltwater. Motoring all over the place. Checking out the tank more. I'd say their activity level went from a 5 to an 8 on a scale of 1 to 10.
I'm not sure WHY this reaction was observed. Maybe the addition of the water was like a "breath of fresh air." Imagine sitting in an office all day, every day, where the air is recycled through a purifier constantly, O2 somehow being replenished and CO2 being scrubbed, but....no fresh air. Nothing from outside. I imagine that would get stale pretty darned fast. I imagine it would smell bad within a week or so. Imagine the difference if a person, cooped up like that, finally managed to wedge open a door and get some outside breeze in the room. With that comparison in mind, do you think the same might be said about constantly-recycled water? Could a water change be likened to that fresh breeze in a stale office? As Seth pointed out (and rightly, I've noticed it too), old tank water can sometimes taste a little "funky." Not BAD, per se, but not particularly great.
I don't know. I'm hypothesizing. Otherwise known as talking outta my posterior. But it IS something to think of.