I agree that DSB were all the rage approximately two years ago. Before that, it was the 1-2inch sand bed, and before that it was Berlin (bare bottom). Now we went back to bare-bottom and right now, I think everyone agrees a little sand is very attractive. Anyway, I'll lay out my opinions (for what they're worth).
No sand (aka Berlin method, bare-bottom):
Great way to see the exact waste a tank actually makes. Detritus is easily removed through a simple suction and water change. Glass is more prone to breaking during a rock slide (explaining many people's use of starboard material). I've run a tank this way, and I won't ever do it again (unless in a QT fashion). My nutrients were actually too LOW, and the tank in general wasn't as pretty. A tank in this fashion also lacks the biodiversity associated with a sand bed.
DSB (deep sand bed as in greater than 4"):
Originally developed as a more "natural" method of dealing with nutrients. This method is in fact not natural at all as this is a closed system with a limiting amount of sand. In the ocean, sand beds continue to FEET not inches and the waste created by fish is able to be completely broken down or transported away. This being said, a DSB is a great method but requires you to view your DSB as any other animal in the tank. This animal needs to be fed (fish waste), its waste must be dealt with (stirring with detrivores, sand-sifting organisms, etc.), and it must not be neglected. One other thing to mention is that once established the deepest part of the bed is toxic, and can not be exposed to animals. I personally would only keep a tank like this for a specific sand species, such as a jawfish.
Jaubert (aka plenum system):
This is essentially a system designed to export a DSB's wastes. Never tried one, never read of one that actually worked long term.
SSB (aka shallow sand bed of less than 3")
This is really a mixture looking for the diversity associated with a sand bed, with no anoxic areas. I like these beds because they can easily be changed, they can be gravel vacuumed, and they offer the beauty of sand. These two need to be treated as the animal they are and cared for accordingly. I love the look of sand, but like the nutrient export of a BB tank. Therefore, I use a SSB that I replace yearly to bi yearly and vacuum every half year or so.
On another note, I've never seen sand act as much of a PH stabilizer until you move animals from a sand bed tank to a bare-bottomed tank (such as a QT). In those situations it is crucial to monitor PH.