His formula: C = S * (D/A) * (1/2 * D/33 + 1)
Assuming a constant ascent rate, that bolded 1/2 covers it. In other words, if you ascend at a constant rate, the average depth at which you are consuming air is halfway between the bottom and the surface, and the final parenthesis represents the average pressure at which air is being consumed (where the first represents how long it takes to get to the surface).
The forumla wouldn't work to compute gas from say 100' to 50'. For completeness, maybe he'd want to re-write it as C = S * (D2-D1)/A * (D2+D1)/66+1, and for going to the surface D1 = 0.
To the surface, his formula is correct aside from the units he suggested for C (should be CF, not CFM).