Worst case scenario livestock suffers for it, but very often the Best case scenario is that the o2 is Adequate or "Good Enough"...
This is really no different than folks presuming their Co2 levels based on lame tables or marginal test kits.
I'm not suggesting that folks obsess over either one, but I do believe that this is another perfect example or opportunity for folks to observe ( and Practice ! ) the mechanics of Photosynthesis, and a very modest investment and effort on their part would return far greater results than clearly 80% of the gadgets, and tripe we often over compensate with.
Simple attention to detail ...! Once the lights go off the plants are every bit as greedy for o2 as they were for Co2 at High Noon. The real trick is in balancing the PH to accomodate the swing, and that age old .4* PH rule does not necessarily encompass the True Mechanic of photosynthesis in a working biotope...
My greatest challenge so far has been establishing "accurate" ORP scales for FW aquaria, and integrating the REDOX W/ Co2 administration. Too many variables will drive you bats !

Prof M