I have used a product called Reef Solutions, made by the manufacturers of Miracle Mud. It is basically the same ingredients, but in a bottle you can dose.
It is the best stuff out ever for softies & LPS, but IME did nothing for SPS.
From what I have read from MM users on sites like RC, they get great results with it, once again, with softies & LPS. It does put some colour in the water, you are supposed to use carbon to keep it clean.
I think it is a great system, pity there are not more tanks using it in NZ. While IME it did nothing for SPS corals, it certainly did not do any harm.
Bear in mind you should run a lot of light in the refugium to really keep that macro algae cranking. You may not ever achieve one of these super low nutrient tanks with it, but who cares there is a lot of stuff you cannot keep in those super low nutrient tanks, such as a manderin would normally be difficult. You can certainly achieve a very interesting tank with it.
If you read up on it at RC, you will find opinion very divided on it, with some users raving about it, a few failed users who think it was their biggest mistake, and people who just don't understand it bashing it just for the heck of it. Very similar situation to zeovit. But I am sure done properly, and understanding what you want to achieve and what type of tank the system will suit, it will work well.