I've never had any negative issues with my cherry shrimp or ghost shrimp, and the only plant that I have ever seen it melt was anachris. There was a rumor going around about vals at one time, but honestly that proved out to be something other than the excel. I know far too many people who use it successfully in val tanks. I overdose a couple of my tanks to about 5 times the reccomended dosage and while I don't profess that this is a good practice in most cases, I have seen no problems with overdosing either.
Excel does not use chemicals to generate co2, excel is an alternate form of bio-available carbon that plants can and will utilize in place of Co2. Almost any well known plant Guru in the world who has tried excel will reccomend excel after extensive testing, the only caution you ever see is don't use it with anachris specifically.
In addition to the other merits of excel it is extremely useful for algae control. So even in tanks with High co2 injection, I often use it as added carbon and algae controller. The stuff does what it claims to do, and works wonders on planted tanks. it is hardly in the same category as pH controlling chemicals or any other snake oil product out there.