I concur with keeping it below 20ppm, and as low as possible. As others especially
@Essjay mentioned, our understanding of the detrimental effects of nitrate have changed over the decades. There are very few studies using ornamental fish (our tropical aquarium species), and most of the few studies there are were focused more on food fish or sport fish being raised in ponds for release into rivers/lakes.
Within the past decade or so the biologists in this hobby have begun to better understand the impacts of nitrate. There are species much more sensitive to nitrate, species like mollies and all cichlid; high nitrate has been associated with diseases such as bloat, shimmies, hexamita and hole in the head in cichlids. All of our fish species have evolved to function in water with basically no nitrate, so physiologically we should expect problems if we expose them to nitrates. Another understanding is that unlike ammonia and nitrite, whose effects are more rapid and serious, the effects of nitrate are slower to appear, depending upon the level, the species, and the time of exposure.
The effects of nitrate are also not fully understood, but Neale Monks says it is probably best to think of it as a gradual weakening of the fish. At some point, the fish will likely succumb to some disease, or just die, as a result of the weakening effects of nitrate.