I have gotten away from chaeto. For me, it is too finicky to grow. It does great for a while and then seems to die back (which I assume releases nutrients back into the water). I tend to stay away from other macro algae species due to their ability to migrate to the display.
I put some mangroves in my refugium for about a year and so far like the results. I haven't noticed the die off tendencies like chaeto. The roots provide foraging location for pods without trapping detritus the way chaeto can. I believe they also do a good job of exporting nutrients. I haven't tested my nitrates in about a year, however, I have no nuisance algae issue in my display tank.
Mangroves may not be for everyone, since they do require room to grow above the water line. I just dropped them in the first compartment in the back of my open top biocube. I have three plants and they are now I have plants that are about a foot tall. I did not setup a specific light for them...they just receive ambient light from the suspended LEDs that are used to light the display area. I may add a light in the future though as they are now outgrowing the available light...or maybe I will prune them to keep them short.