Actually, I think it's a case of there being so much O2 around that the bacteria no longer bother with exploiting the nitrate. An anoxic environment
forces denitrifying bacteria to act anaerobically.
In any case, yes, a fluidized-bed filter wil likely cause a steady build-up of nitrate, much like other super-aerobic filters (wet-dry/trickle, bio-wheel, etc.)
Nothing, absolutely nothing, beats live rock, good circulation, and maybe an algal filter, IMO.
Deep
Sand Beds (DSB's) are to me a crutch for heavy-feeding regimes, and are fraught with all kinds of limitations. If however, you are really after high-energy foodwebs, then maybe DSB's are just the ticket.
horge