I feed once a day most days, but I do a pretty good feed. I have a big Metallic Foxface, good sized clown (not quite sure which kind... got it with a tank), a Lawnmower, 6 line Wrasse, and a fairly new, small Copper-banded in my 120. In my 58, I have a BIG Maroon clown with its anemone, a small (but growing) Foxface, and a small (but growing) Yellow Tang. I may have to move the last two out soon, as I am getting uneasy about them in such a small tank. I have cleanup crews: crabs, shrimp, etc. in both tanks.
I also have quite a few corals (though I am recovering from a crash about 8 moths ago now... baking soda OD... took a while to fix and lost some corals) that are doing fine now, but are not too large.
I mix it up a bit, and things change when I am away and others are feeding the tank, but my general sequence is giving flake only on alternate days, a pinch each in the small tank, a larger pinch of Formula one in the large tank, and two good pinches of formula 2 in the large tank. I have done things this for about 2 years, and my fish have generally grown quite well. When I am in the mood, I'll put in a clip of algae as well.
On the "other" or alternate days, I'll give them Mysis and/or some other of the frozen foods. I usually give some Formula two as well for the vegetarians, as they don't get a lot out of the Mysis as I understand it (though they eat them). I use one good sized cube in the large tank, and a smaller cube in the small tank and give some (if it is fine enough) to the Anemone.
Overfeeding did lead to algae blooms, I found. I tried feeding on alternate days, but my corals and other things began to disappear, and the fish just did not seem as comfortable. I don't feel they (mine) need more than one feed a day... they all browse my reef anyway, so they snack a bit on whatever the rocks provide. To gauge how much to give them, I just watched them eat with the pumps off. I found that after a certain point, the food was just not being eaten... they were full, so I cut back a bit. I also try to adjust the order I put food in according to which fish will get to it first. I like to make sure my big FoxFace eats his veggies before gorging on Mysis. I do allow a little extra for the cleanup crews at times.
For the corals, I put in some Phyto, Oyster Eggs (they love those) and a few other things, again depending on my mood. I do that with the frozen food, as a rule, on the alternate days.
For a treat, I buy live brine shrimp at one of the shops and give those for a few days.
I have pretty major filtration going... large, oversized skimmer, Macro in a fuge, and a 100G stock-tank sump, and a Sulfur reactor (jury is still out on that one). Also lots of live rock in each tank and the sump. The basement sump is shared between the two tanks. I wanted to be able to feed them enough, and make the odd mistake, with a minimum of impact.
I feed my fish sitters Wine, but that is another story.
My two cents...
-Mike