perhaps deferring the question to someone who could, or a link to another thread would be preferred.
DiscoBisquit had part of the answer; O2 is the waste product, but afaik nutrients mostly transform into something else by chemioosmosis and the original nutrients are only now constituients of plant cellulose.
if as you stated, they get their nutrients from digestion, the rhizosphere must be doing the digesting.
plants can absorb nutrients directly (if they are chelated) through ionic transport cells, but do not rely on this as it is'nt as effecient as feeding the rhizosphere sugar exudates through the roots, which in turn helps dissolve nutrients further.
Has any one given this thought? Seriously...i'm baffled!
I'm not saying it's literally digesting it. I'm saying plants take nutrients in by whatever process plants use and the nutrients are combined with the starches, proteins and sugars the plant creates from photosynthesis to make new plant tissue. Just as we humans eat food and those nutrients eventually are made into human tissue.
In other words there are not pockets of nitrogen, phospherous and potassium floating around inside the plant. Just as there aren't piles of food in your body (after digestion and elimination).
As for links, hey I figure anyone can google just as good as I can and I don't like to put up links for people on growing unless they seem like they're totally new to the scene. The reason being that there's lots of information out there and lots of opinions and I don't see my role as being to decide what's right and wrong for people.