From an engineer at Georgia Tech
Many folks drop a grounding probe in their tanks and connect it to a water pipe or the neutral in their wiring thereby creating a current path where one might otherwise NOT have existed. This is worse for the fish than a very localized current (short within a pump housing) or a static voltage. The Safety to the aquarist is a different issue. What about the use of Ground Fault Interrupters (GFI) to protect the aquarist?
Fuses and circuit breakers are too slow to protect one from shock . They protect equipment, not people. The GFI is electronic and faster (GFI = 10 ms). A grounding probe has to be used as a GFI reference before it will work properly. I use GFIs all over my system. It must be understood however that using GFIs on pumps and lights isn't necessarily going to stop detrimental currents in the aquarium.
For example, if one power head's hot lead (black wire) is exposed to the water and another power head's neutral lead (white wire) is exposed to the water, then there will be a current flow between them as well as any sea life that gets in the way. Lets say that both power heads were plugged into the same GFI. Since all the current coming in the black wire is going out the white wire (some through the power heads, some through the water and fish)... there is a balance, but an unhealthy one for the tank. The GFI would not trip. Adding a ground probe would cause the GFI to trip in this example.
Second example: If a GFI is used on the pumps and lights and there is a grounding probe in place, any "induced" voltage will cause a current through the water and out the ground probe. Light, heat, motion, and induced electrical currents all represent "consumed energy". The current into the "emitter" of these energies will be the same as the current going out of the emitter. The circuit is balanced and the GFI will not trip, but energy is still created in various forms which can be transmitted to the aquarium. Consider an improbable case that will illustrate this point.
Suppose I had a motor (like we'd find in a power head) and I supply it power from a GFI-protected source. Then I properly install a ground probe. Now lets say that I connected an electrical generator to the motor through an insulated mechanical coupling. When the motor is turned on, it turns the generator which in turn creates a voltage. I will then connect one side of the generator to ground and the other side to my aquarium water. What will happen? Current will flow through the aquarium and out the ground probe. Will the GFI detect this and trip? No, because even through its current results from the motor-driven generator's energy, the motor's lines remain balanced.
So now we have a system that can electrocute both the aquarist and the fish even though there is a properly installed GFI and ground probe. Were I to remove the ground probe, there would no longer be a current path affecting the fish (they are now the "birds on a wire"). The aquarist however, is still at risk if he touches the water and a ground.
In reality, induced voltages and currents will be small... so small that they are probably NOT an issue for the safety of the aquarist, but with a grounding probe present, they could be unhealthy for the fish and coral (and I suspect they probably are, since sea life has little insulation to mitigate the current flow through their bodies. I can't believe that a continuous current flowing through one's body would not cause havoc with cellular ion transport, not to mention the "jamming" of sensory organs).