Hi Ally,
The lack of aeration hasn't been a problem. Actually aeration would have been a problem for the beetles and backswimmers that breathe at teh surface.
It smells fresh and nice actually (I had to go check!). Things go stagnant when the oxygen is used up and decomposition goes anaerobic (I think, someone might correct me on this). The peat is fairly inert and the thick growth of nitella and floating lemna and azolla are providing plenty of oxygen. The amount of decomposition in pretty low, and it is all just providing nutrients for the plants.
I haven't waterchanged it in a few months (naughty!) and I really ought to test the water, especially for nitrates, will be interesting to see just how balanced it is!