Well, as SBS says, a good bacterial colony would deal with that, so you wouldn't neccessarily see rises or spikes in either ammonia or nitrite, but there's nothing that will process the nitrate. So if your tap water is, lets say, 20ppm nitrate that's your base level.
You'll probably have some in the tank, so lets say after a water change the nitrate is 30ppm.
If, before you do the next week's water change, the nitrate had climbed to 100, it would be sort of a 'red flag' that you were overstocked and you'd need to either reduce your stocking or do more frequent changes, because at that level of waste production in a tank, it would take only some small thing to tip the balance of your tank into allsorts of problems.
Don't forget there are sorts of undesirable things (like growth hormones from the fish) that we can't/don't test for that can build up in a tank and cause health problems/stunting, plus the more fish (and plants) you have the faster trace minerals get used up.
I know home nitrate tests are not that accurate; I'm talking about using it as a extra cheap and easy sort of 'barometer' of what level of stock and maintanence you should be looking at, no more than that.