Let's start with the basics. What's the only true diving emergency? Being out of gas. Everything else is a problem that can be managed.
Now, have you ever had a bolt snap that had a little bit of sand/grit in the slide so that it didn't open? If you haven't, you will eventually.
Let's say you have a situation where your buddy needs gas. Is that an emergency? You bet your life it is. The correct answer in this situation is to give them the reg you're breathing from, but if you're on a stage bottle (your long hose is parked), you're still going to want to get that long hose free and ready to give them that gas -- there have been guys that have died after being passed a stage bottle (that was low on gas).
Murphy says this out of air scenario is when the bolt snap attached to your long hose is going to get jammed. If you have it attached via a mechanism that does not break away, you're going to have to cut it free (so now you fumble for a knife and start cutting, oh did we mention we're in an emergency?). But if you have it on a break-away, you simply tug hard and it's now free.
Personally, I want the break away, I think it's safer.
rectotec: HOW TO: TIE A BOLTSNAP USING AN O-RING