Phosphorous is one of the basic elements of life. (C,H,N,O, and S being the others.)
Without phosphate you can't make ATP (Adenosine Triphosphate), which is the main energy storage and transport mechanism for most living things.
The goal in phosphate reduction is to get it close to natural sea water levels, around 0.03 ppm.
Personally, I shoot for 0.05 - high enough to provide energy, low enough to not encourage algal growth.