good post tstenback.
may i add that too high of a pH can also be harmful. many tetras won't do well with pH above 8 since they prefer more acidic conditions, while some livebearers and lake tanganyikan cichlids like a more basic pH.
many people worry too much about trying to hit that magical pH of 7 - that's hard to do. to be truthful, most tank raised fish will survive in a pH between 6 and 8, especially if your lfs uses the same water that you use. so there is little or no benefit in buying those expensive pH chemicals - IMO they're more likely to kill fish than a stable pH under or over 7.
my advice is to check your tap water pH, and if it is between 6-8, then only check your tank's pH sporadically - pH swings can be harmful to fish, so you don't want to completely ignore pH. IMO, ammonia and nitrite levels are much more important to check than pH.