I have made live rock and have some of it in my system at the moment.
Man made liverock is nothing new, in fact its used alot in the USA around florida. Alot of man made stuff is thrown in the sea and left to mature, its later sold as Florida liverock and is very effective.
Basically its cement and aragonite but you need to add a 3rd ingredient to make it porus with little pitmarks and holes inside. This has been experimented here with 3 things.
Crushed shells. These were not so great, the rock was too porous and although it looked nice, its ability ot filter out nitrate was zero.
Pasta, mixed in with the cement/aragonite and left in water means it will eventualy melt away the pasta and it seeps out of the rock. Its very effective if a little messy looking during its construction process.
Rocksalt. This can be used in the same manner as the pasta and once in water it slowly disolves and leaves the rock nice and porous.
Once the shape of the rock has been made and its set solid, simply plce it in freshwater and monitor the PH You will find it will skyrocket up and over a ph of 12.0 Simply keep changing the ware every week or so (perhaps even put an airstone or powerhead for circulation) and keep checking for PH level. once the Ph drops to acceptable levels (below 8.4) then leave it in salt water for a week and check PH levels again. if the PH rises then it needs longer, if the ph remains the same or drops further then its ready to be put in the main marine tank for cycling.
My 220 gallon is going to have an enormous amount of man made rock designed for it, i wil then place Grade "A" (or better still, "decorator grade") liverock on this to seed it.