Most of us run what is known as the modified Berlin method. This is plenty of LR and LS and a good protein skimmer. The key is having lots of LR (minimum of about 1.5 lbs per gallon) and plenty of circulation. Circulation is usually obtained by the use of a sump (a container below the display tank that holds water) and a return pump. This is supplemented with the use of powerheads. Most of us have at least 10x turnover per hour if not close to 20x. The live rock and sand act as the biological filtration (the breaking down of ammonia to nitrite, then nitrate, and some systems into free nitrogen). The sump can be used to hold the heater, mechanical and chemical filtering material, protein skimmers, and other things that would normally take up space in the display tank. Water is delivered to the sump via overflow (either internal or external) and returned via the return pump. As far as equipment I would recommend...
Powerheads- Maxijet
Return pump-Magdrive
Skimmer- Remora or BakPak
External overflow-
mine
Heater- Pro-Heat titanium (this has a seperate thermostat and is unbreakable)
Lighting- PC by Custom Sealife or VHO Icecap w/ URI bulbs
Sump-Sterilite or Rubbermaid!