I've been running biopellets for about 1.5 years and much of what MMrc said was very similar for me. In the beginning, my nitrates fluctuated between 10-15ppm. I did 30% WC's every 2 weeks. My nitrates were high for the simple reason that I have a decent amount of active fish and I never believed in starving them to maintain 0 nitrates. Keeping my fishes happy & healthy was a trade-off for higher trates. I was not doing anything else except running GAC and had a chaeto farm in my sump. I've researched biopellets extensively (and continue to do so regularly) and most of the "best practices" are anecdotal. However, there are enough people with the same (or similar) results that it is fair to say biopellets work, and they work very well when done properly.
I started with a 2LF 150 Phosban reactor and a Maxijet 900 on my 90G. This pump was only capable of ~ 247gph. The first thing I want to make clear is that the pellets need to tumble VIGOROUSLY. Unlike GFO, these things need to be rockin'!!! I quickly learned that
any pump under 300gph is not going to do the trick so I replaced the MJ900 with a MJ1200. The pellets will eventually get weighed down by the bacteria and will start sticking to each other. This will cause them to clump together and this is why most people fail using BP's.
If they clump, they don't tumble, if they don't tumble, they don't work. A Maxijet 1200 (or 1100) will be perfect if using a 2LF Phosban Reactor. Just keep in mind when picking a pump to look at the outlet diameter of the pump and make sure it matches the inlet of your reactor. (i.e. a MJ1200 has a 1/2" outlet and the inlet on the 2LF Phosban Reactors is also 1/2". You couldn't use a MJ1800 because its outlet is 3/4" and it won't connect to the 1/2" inlet on the Reactor.) Besides, you wouldn't need that much flow. I know some people who use a 350gph Mag Drive 3 and it is overkill unless you're using on oversized reactor. If you will be using a Phosban Reactor, it is imperative that you remove both black sponge disc filters. These will quickly get clogged with bacteria and slow down the tumble. For $3 you can buy mesh screens to replace the foam sponges and they will not clump. For the sake of making my point...If they clump, they don't tumble, if they don't tumble, they don't work. In the beginning, I used to shake my reactor
daily to break up the clumped pellets. Many of the fancy reactors out there have special features that will stir the pellets if they get clumped. Let me tell you, if you have enough flow and take out the sponges, you will NOT need to stir or shake the reactor. Clumping is the biggest complaint people have with pellets or they complain that they don't reduce nitrates (which is because they clump).
You may be wondering why I'm so biased towards the 2LF's Reactors? The reason is simple. Other manufactorers began creating special reactors for pellets so they could make money. I'm not saying that they don't work, just saying that you don't need to stand on your head and recite the alphabet backwards to put on a pair of pants. I'm with Lil Bam Bam and subscribe to the KISS method whenever possible. (That's Keep It Simple Stupid, for those of you wondering.) As a general rule of thumb you can get away with a 150 Phosban reactor up to a 90G tank and should probably consider a 550 reactor over that. However, it really depends on your bioload. Is it a heavily stocked 75G FO tank or a 180G reef with only a few nano fish? If you have a very large FO tank you might even want to look into a specifically designed pellet reactor that can hold more media than the 2LF's.
Let's talk pellets. They typically come in 400-500ml bags and there are many manufacturers. When I first started, I used Vertex. I figured that they were better because they cost more. I now use 2LF's NPX Bioplastics for 2 reasons. First, they appear to be the cheapest and second, I really like their shape. They are small and tear-drop shaped. When I added some of them into the reactor to "top-off" I quickly saw they tumbled much better than the Vertex. Realistically, plastic is plastic is plastic and it probably makes no difference which pellets you want to use. I've also used BRS's and they work fine too. Be your own judge and do your research into pellets. If you find a brand that is documented as superior to the others, please let me know.
When you first begin, you must start with a small amount of pellets. Considering most bags are 400-500ml, you should probably start ~ 150-200ml. (So a little less than half the bag.) After you've begun you will need to wait for the bacteria to seed your pellets before the nitrate reduction begins. Many (most) people don't see any reduction for 1-2 weeks, so give it time and be patient. I, on the other hand, reserve my little amount of patience for cycling new tanks! So I decided to add a bacterial additive to try and seed the pellets quicker. I'm not a chemist and have no proof that it worked, but my nitrates went from 15ppm to 5ppm in 2 days and were at ZERO on day 3. I know of 2 other people who did the same thing with similar results. Now, was it the bacterial additive on its own that reduced the nitrates or was it the biopellets getting a jump start? I have no idea but I stayed at zero thereafter. Once you hit zero, you'll probably want to test the limits of the pellets. Maybe you won't, but I did

I increased the frequency
and quantities of my feedings and they stayed at zero. I started feeding large chunks of Rod's Reef food
daily and they stayed at zero. However, I don't recommend doing this, it is not necessary and you'll still have all sorts of nasty detritus floating around. Personally, I found that I was able to maintain a very high bioload in my tank with very healthy SPS, something not historically typical.
Phosphate reduction; in my opinion, the jury is still out on this one. Some of the pellet makers claim that they reduce phosphates. I believe that they do, to an extent. Some pellet makers say you don't need GFO and others say you can use it if you want. Some people
eventual report a reduction in phosphates but this seems to take longer (on average) than the nitrate reduction. The assumption is that the bacteria that reduces phosphates takes longer to cultivate. Personally, I decided to get rid of all my macro algae in my sump and just run BP's and GFO & Carbon combined in a 2nd reactor.
As I mentioned before, you'll want to start with a small amount of pellets and let them start working. Give them a few weeks to establish themselves and then you can add more to your reactor. Personally, in my 150 reactor I have never ran more than 300ml of pellets and probably hover around 250ml most often. If you put an entire bag in a 150 reactor, there will not be enough room to tumble and if they don't tumble, they clump....etc. For larger tanks/bioloads the 550 will have ample room for a whole bag of pellets. I've been doing this for 1.5 years and I've only topped-off my pellets a few times, maybe 4 times.
Cubbies, to get back to your post, I also have a BRS Pellet Reactor that I just bought for my new 75 FOWLR. However, it's still sitting in the corner un-used because I only have 1 fish so far and I want the rock and substrate to manage the bioload for now. I'll get it running when I have more fish. From initial inspection it appears to be a high quality little unit for a good price.
I would also like to state that I am in no way trying to tell people that they need to be running BP's. There are many different ways to a acheive an ULNS and if your present setup works for you, great