I think clockwork hit it on the head. Consistency is the most important thing and a lot will depend on what you stock and how you setup your tank along with your local water supply.
Here are two different examples of what Im talking about. Ive quarantined new plecos in styrofoam coolers doing 40-50% daily changes with no filtration at all other than a small powerhead. Coolers were bare bottom, so all solid waste was removed every day and the water parameters were pretty stable. The fish thrived, but this was a short term setup so it was manageable.
That being said, my local tap is about 7.8. My mbuna tank sits at about 8.3 with all the fieldstone and coral sand. If i were to change 50% of the water at any point in time, wether it be daily or weekly, my fish would be subjected to some pretty heavy swings in ph. With this setup, the ph will stay more stable with more frequent, but smaller changes, say 15-20% twice a week as opposed to one larger one.
And then theres the issue of stress. Water changes of any size can be stressful to the fish, so they must be done in a way that minimizes it. All the clean water on earth won't do much good if the fish are constantly stressed by the gravel vac, temp variances or ph swings. Most folks I know who pull it off successfully on a daily basis are the ones who pay attention to the consistency on all levels and usually drip systems are best suited for these situations.