When I cycled my 360 recently, I moved a completely mature large DIY sponge filter from another tank and installed it inside the sump, which was filled with K1 fluidized media. I wasn't sold on that stuff, but I lucked into a large quantity of it for next to nothing and thought I'd try it. Left the sponge in there for 5 weeks, then removed it. I fed fairly lightly for the first week thereafter, and had no discernible ammonia or nitrite spikes.
K1 seems to work as intended, in terms of providing lots of surface for bacterial colonization. I don't know how much of the "fluidized" idea is legit (if any...) and how much is snake oil; I know for a fact that if I hadn't stumbled into the stuff virtually for free, I never would have tried it. However, my granddaughter gets a huge kick out of watching the swirling pellets in the sump so I'll keep it going for the foreseeable future. Hopefully she will shift her attention from the plastic bits to the fish eventually...
Common wisdom tell us that the beneficial bacteria which we are courting are not in the water column itself but rather on surfaces, as pointed out by
tlindsey
above. The proof of this is obvious: no amount or frequency of water changes affects the cycle. I've often wondered if placing the old media in actual physical contact with the new stuff might hasten the bacterial colonization of the new. I prefer doing it that way, but it certainly works no matter where the old stuff is physically located.
It's worth remembering that whenever you use this method, regardless of how long you leave the old filter in the new tank you will still be removing a significant percentage of the tank's bacterial population when the old filter is eventually removed. The total bacterial population is spread out over all surfaces including the old media. When the old media comes out, it takes a couple or a few days for the total bacterial colony to bounce back to its fully-cycled level, so for a week or so after the old media is removed it is prudent to cut back drastically on feeding to minimize the chances of a mini-spike in ammonia.
Edited to ad: Dang! I type so slowly that
S
skjl47
beat me to most of my points!
I guess great minds think alike...