Not only is this unhealthy for the reef systems, but it's not terribly healthy for the collector as well! Aside from the damage being done, you might want to be careful around that sutff!
There is plenty of information available on the net of the poisoning of reefs with these and other toxins, and much is available here too... try doing a search on this or even alternative, healthier methods.
While things are beginning to change in the way of the hobby, this isn't just happening for the reefkeepers around the world. Many species that live within the reef are also sold as food, even delicacies. This is most common within China and SE Asia, and there is little concern if any from that spectrum of the market. While we may think this is a terrible thing, they do not, and the cyanide collected specimen market will shift from hobbyist to other areas.
At any rate, yes, Cyanide kills! Thankfully there are programs (and places such as this board) in place to further this education as to preserve the reef ecosystems. But when it's a cheap way to get a lot of fish, FAST... there is small hope that these changes will take precedence.
There is always a brightside somewhere, from what I have been able to tell, techniques are improving for those of us here in the states at the least. Hopefully, we can help move forward!
Cheers - Jamison