when i first started with my 55g reef about 7 years ago, i would quarantine everything in a 29g. it was a major pain, but after reading all the books and articles by the 'experts', i figured i was doing the right thing. after years of experience, i've started doing just the opposite with my 300g....no quarantining at all. FWIW, i completely agree with danmhippo's remarks. IMO if a new arrival can get into an environment that's as 'close to home' as possible, it'll have a better chance of survival. i have several overhangs and caves in my system, and just about all new arrivals will hide there until they feel comfortable coming out.
however what i have done is drastically change the way i buy fish. since i am in what i would call a 'reef dead zone' where there are no serious reef stores for about a bazillion miles around, i have to get all of my fish off the web. if you build a good rapport with the owner of a quality site or lfs, you can request that they get the fish you would like to purchase to start eating something like Thera A pellets, which i absolutely swear by. the medication in the pellets eliminates most parasites. i feed Thera A at least once a day, and my main feedings include Kent's Garlic Extreme everytime, and Selcon twice a week (i do 3 small, and one large feeding per day). using this method, i have been able to add over about a year's period without quarantining 5 yellow tangs; 1 purple tang; an emperor, blueline, goldflake, majestic, multicolor, flame, venustus, and multifasciata angel; close to 20 anthias of various species; a dozen or so chromis; hawks; 5-bar, scott's, and lineatus wrasses and several dwarf eels. basically, everything but butterflies and triggers, which i'm not planning on adding. not once have i had an outbreak of anything. i also run a UV for about a week after adding anything new and closely monitor all my water quality parameters.
as for corals, a 20 minute iodine bath for new wild-caught sps colonies after a temperature acclimation is all i do. lps get a drip acclimation and then go directly to the reef.