If you remove a majority of the old water, doesn't it in effect become a "new tank" again? I know I've seen it posted many times on freshwater boards that people will do a massive water change in effort to remedy some water problem, then they wonder why they've got cloudy water (bacterial bloom), because the tank is cycling once again.
Anyway, if you'll do some reading in some of the popular reef tank books (such as Natural Reef Aquariums by Tullock) you'll see that they suggest doing smaller, more frequent water changes. Tullock states that 5% a week is reasonable. The idea is to keep fluctuations in water chemistry and quality to a minimum and that is best accomplished with small, frequent water changes. Marine fish and inverts are sensitive to changes in the water parameters, more so than freshwater fish.
Large, monthly water changes are the norm for freshwater aquarists and they can usually get away with it, but saltwater is totally different in it's make-up and there are many essential minor and trace elements that are only replenished by adding new saltwater to the tank.
I realize everyone has their opinions on water changes, I'm just stating exactly what many successful reefkeeping authors have stated many times over. Good luck.