The substrate is the "bed" of a healthy established aquarium. Once it is running, as essjay noted, various species of bacteria beyond the common nitrifiers will colonize especially the substrate, and form the basis of a stable biological system. This is why the substrat is so important. All else being equal, you can forget a filter, but you cannot forget a good substrate.
I took nitrate and pH readings twice a week for a few weeks, then every week just prior to the water change, then a couple times a month. Over a period of 12 years, the readings for each of the tanks in my fish room were the same, always. Nitrate was in the 0 to 5 ppm range using the API liquid test, and pH never varied in any one of the tanks by more than 1 or 2 decimal points. This is stability. Each tank's pH was a bit different, even though maintenance was the same, water the same, fish load basically the same, and lots of plants. Each tank established its own biological system. The water change was 60-70% once a week. The parameters never changed.