Got this info from a site I linked to earlier tho there are a lot of valid opinions out there.
Under-Gravel Filters: This was the first true biological filter invented for the aquarium. The gravel in an aquarium is suspended above one or more plastic plates, which are equipped with "lift tubes" that extend vertically from the bottom to the water surface. Air is pumped into the bottom of the lift tubes and rises up the tubes, carrying water with it. This causes water to flow down through the gravel and up the lift tubes back into the aquarium. Instead of air, power heads may be used to drive the filter. Power heads are submersible pumps that are mounted at the top of the lift tubes and pump water directly up the tubes and out into the aquarium. Power heads are a much better means of operating an under gravel filter, increasing flow by several hundred percent.
Undergravel filters are inexpensive, and though they require monthly vacuuming of the gravel, most aquaria need this anyway. They do a great job in freshwater tanks. In saltwater aquaria, which has much lower levels of dissolved oxygen, undergravel filters should not be used, as the submerged aerobic bacteria in the gravel are competing directly with the fish for oxygen. It was this fact, that led to the invention of the wet-dry filter in the 1980s. The use of aerating power heads helps eliminate this problem to some extent.