Current is something we don't really worry nearly enough about with freshwater tanks. As long as the tank has enough turn over to feed the filter, and we get enough oxygenation (different from aeration), we're pretty happy. Recently, some of the plant tank guys have begun experimenting with higher flow rates, and have shown that it makes a BIG difference. It basically wipes out the water which forms a film around plants, and causes better interaction with the plant tissue and the rest of the water column -- they're able to access more nutrients, rather than just the nutrients immediately around them.
In marine tanks, it also makes a big difference, not only with fancy coral schmorals, but also with fish. Those are animals which sometimes have to deal with tremendous currents, and then get plunked down in a tank where water comes in over there, goes out over there, and that's it. Some marine fish aquarists have started playing around with powerheads and wave makers (to the OP and others, a wave maker, strictly, is a pump. Its a timer like device that turns pumps on and off for brief periods, creating non static flow) or, better yet, some of the really cool newer pumps that do things other than just "on" and "off." I've got tanks where you put a new fish in, and you watch him get ploinked across the tank.... In a couple of days, they're swimming out normally.
Why does this matter for fish? Well, fish have evolved to have to swim in current, to live in it. They have behaviours for dealing with it -- hiding behind a rock to rest, and what not. But, more importantly, they have physiological adaptations to deal with it -- including simply working their muscles. We take fish and put them in a nice, still tank, and feed them ... and we call this natural. Higher flow means they're having to burn their food, they're having to work muscles, constantly. Its gotta be healthier for them.
Of course, there are limits and variations. Fish, like certain anabantids or some dwarf cichlids and such, they come from pretty slow moving water, and they're
never going to learn to handle a flowing tank.
