I'll also note that I used Microbacter Clean and Microbacter Razor (it is recommended to use these in conjunction with each other) to go along with the H202 spot treatment to get rid of the turf algae I was dealing with, and it seemed to work really well. With the spot treatment, you just want to make sure you don't use more than what it is recommended to dose in any given session.
As far as side effects, I suspect the only potential issues could come from any impurities that come with the solution (since the chemical itself is made up of hydrogen and oxygen ions- which are already present in our systems), and we are using such a small amount (relative to our systems), I can't imagine that a good WC schedule and running carbon couldn't remove these impurities.
Certainly seems like a better/safer alternative to the alleged algaecide that you'll find in products like Vibrant.
Just my 2 cents.