Twice a year... 300g system, and I do a 55g water change. by only doing it this often, it keeps my params more stable. Now, as far as water change schedule, it depends a LOT on the type of system, and the quality of your equipment. Heres a small breakdown of what I have, and how I do my maintenance:
Carbon pads, and filter media<-- washed twice a week, and replaced monthly with new ones
Phosban reactor - Replace media every three to four weeks
UV - Clean the bulb once a week (mine has the wiper, so it only takes a second
Fuge - My chaeto grows like mad, and I can fill my 55g fuge in a week and a half from a golf ball size portion. I sell the chaeto on E-bay, and it gets pruned a couple times a week, and I throw any left out once a month except a small ball.
Skimmer - I have a pretty large DIY skimmer, that throws some nasty foam. I clean the cup every two days.
SO, by my system, you can see why I limit water changes. Water stability is very important to me, (SPS tank) and doing routine water changes throws my water chemistry for a loop. I feel with the amount of nutriet export from the chaeto, and my skimmer, that it is enough. I do dose iodine, and if things look pouty, I sometimes will do a small 5g water change just to replenish trace elements, but not very often, and I do not do so at a scheduled time. My nitrates read 0 per salifert test, and I feel without a meter, checking for phosphates is a joke. (Although I have, and they have read below .03ppm. So, my water quality is what I would consider excellent, and this is doing bi-yearly major water changes. Oh yeah, I also run a DSB in my fuge, and this helps with denitrification.
To sum it all up:
If you have a small system, or inadequate nutrient export, I feel frequent water changes are a must. Likewise, if you have more than adequate means of removing nutrients, and have a larger system, IN MY OPINION, I do not feel that frequent water changes are a benefit to the system.
Jason