hi.
ORP is more tricky than pH, and most people who cares about ORP usually have the probe permenantly in the tank instead of "dip-stick" operation possible with pH.
I don't care about ORP that much, but for some setup, it is controlled by the use of ozone. O3 will increase the ORP because of the redox property of O3. ORP is a "health" measurement for aquaeous system because high bacteria level is related to low ORP measurement. A regular ORP measurement is about mid-300's mV for reef tank. Rather or not you want to monitor ORP is just a matter of personal preference. I don't really see any corelation between the use of ORP monitor and the health of the tank. However, richer reefer ususally have it together with a zillion other gadgets.
Ms. Orange, there is not much in there for you to pick. There is always a misconception about the role of oxygen in redox. Afterall, the word "oxidation" is related to "oxygen" etymologically speaking.
However, electron is what chemists care about when it comes to redox. You count the number of electrons in a molecule to find the oxidation state, for example. Oxygen is not necessary, but often associate with oxidation state, particularly when it comes to carbon (organic) chemistry.
For inorganic chemistry, oxygen may have nothing to do with redox reactions. For example, iron can be galvanized, electro-plated, or electrolly corrode with electricity, and iron ion in water can be reduced or oxidized in the absence of oxygen.
As an homework, list the oxidation number for the following molecules
CH4, CH3OH, CH2=O, CHOOH, CO2.
I am sure there is an article or two in the library of AAOM or Aquarium Frontiers related to this subject... check them out.