Wow, thanks everyone for the quick responses.
I should probably rephrase that, I will spend as much as I need to to get the best for my fish, however spending less for more would be awesome. Also I realize that nitrate is always produced because well, thats what biomedia does, however I have heard of people having problems with media (especially bioballs) trapping the nitrate so that water changes have a hard time getting rid of them and you actually have to clean the media to fix this issue.Forget what manufacturers claim. No media will do much about nitrates. If cost is no object, why are you concerned about electrical cost to operate a large air pump? or did I misread your question?
I did not realize so many people here used submerged media, or that it was such low maintenance! How much do you think I would I have to use?Best ever? Well, you will get a lot of K1 comments, but for me, Eheim Effisubstrate Pro....I have about 18L in a filter specifically for bio and I open that filter once a year....just to see whats going on...always just a little sediment and that's it. Strong comsistant biological activity.
I have used pumice before and it is outstanding bio-media as well. I like lava rock too...
Ceramic (blocks or rings) and scintered glass, are, in my opinion, probably the best for virtual maintenance free bio-media.