I have a couple of airstones in the back of my tank, connected to one of those battery-powered, electricity-off-detecting air pumps. Longest it has ever run is about 8 hours. No coral damage during that time. When the power came back on, most of the bubbles accumulated under corals, etc., were removed by the waterflow/pumps.
I have also used airstones for an air-lift system in a quarentine tank. No chance of getting bubbles under corals, as the air-lift system directed the bubbles to the surface.
Salt creep is a problem. Especially in a euro-braced tank. I have enough of a problem remembering to periodically wipe the underside of the euro-bracing as it is, and that is just from the normal accumulation. I would probably be blocking serious light with an airstone running all the time.
Ed - I assume this issue came up with respect to a tank that did not have a sump (or skimmer). I think that most people would agree that a skimmer is the preferred method of aerating a tank.
Plus, if you have enough water movement in your tank, the output from airstones, airwand, etc. isn't as "pretty, IMHO.