I registered just to respond to this thread. I am working on a dual tank system right now, will be starting the build this weekend (hopefully) but I believe I have adequately worked out most of the issues along with the help of some of the AC guys.
Take a look:
http://www.aquariacentral.com/forums/showthread.php?t=221653
I won't be using any check valves, and the amount of water drained into the sump during a power outage will only be about 16g (conservatively). This is easy to calculate and I don't think a major concern as long as you allow for it. There's some math on page 4 if you want to see how I figured that out. I am planning on having a 75g sump for my 2 x 100g tanks.
As far as the pumps are concerned, yes they are expensive. One option I am considering to combat this is using a closed loop on each tank to increase flow and only passing about 750gph through the sump per tank. The tank itself needs a lot of flow (probably 2000gph for a 100g tank imo) but the sump really only need to move about 5x your tank volume per hour to be effective. Another option is just to use powerheads, but aesthetics are a primary concern of my build, so I am trying to avoid that.
In my case my reasoning is different for doing it this way. My tanks are going to be on the second floor of my house. By plumbing down into the garage I resolve several issues.
1) Any flooding will be in the equipment cabinet in the garage, not on my nice wood floors.
2) Limited to no noise at the tanks.
3) Maintenance will be diminished. Moving 100g of water up and down the stairs twice a month is not my idea of easy. This way I can plumb a large 'refill' tank above the sump, and simply drain the sump and refill it without any heavy lifting.
Anyway, my point is, it's doable, and it's doable reasonably. But be realistic about your budget (I am working with MUCH smaller tanks) and really think everything through first. Also, make sure you feel comfortable with all the labor that will be required. I am a skilled wood worker and have built my own acrylic sumps and overflows. Also, I have had a 75g reef for over 3 years, I planned this project before I started that tank, I waited this long to 'get my feet wet' in the hobby so I knew what I was getting myself into.