Yes, using any oxidative compound in a reef system can be like playing with fire.
The more I read, the more it seems that there may be uses for H2O2 for applications of pest control in the reef aquarium, when one has tried all other alternative methods. Certainly a very good understanding of the effects of using H202 would be needed to use it.
This is another article I found interesting:
Oxidative coupling during gut passage in marine deposit-feeding invertebrates
http://www.aslo.org/lo/toc/vol_49/issue_3/0716.pdf
From this article:
"Intertidal invertebrates
are not only exposed to varying concentrations
of O2 capable of inducing oxidative stress, but also high
concentrations of hydrogen peroxide (H2O2) generated by ultraviolet
radiation (Abele-Oeschager et al. 1994; Buchner et
al. 1996). Sediments also contain significant amounts of photooxidation
and other decay products of senescent phytoplankton
cells, including hydroperoxides (Rontani and Marchand
2000; Marchand and Rontani 2001). Production of
ROS can also be increased by uptake of polycyclic aromatic
hydrocarbons (PAHs) and their photooxidation products
(Livingstone et al. 1990; Arfsten et al. 1996)."