Well at night zoox are consuming O2 and producing CO2, so again it primarily comes down to respiration (in SPS) and gas exchange. Although like I said, you could not guarantee that, the coral could be doing the equivalent of puking or choking and you couldn't tell the difference just by looking at it, but regulating respiration is the primary function.
It apparently in some corals it can also be an adaptive instinctive behaviour related to retract polyps during the day to prevent predation by corallivorous fish.
Just another point on the feeding thing. If you scraped all the tissue of all your sps in your tank and put it into a little vial, you would not have a lot of living tissue, maybe a few grams at most, in terms of food, that is all the tissue you would be feeding. There is more than enough "food" in the tank to support that amount tissue. You're not going to starve them. ;-)
Layton