Most band gun fans will look down their noses at pneumatic guns. However, don't count them out. For their size, they are quite nice. Where they excel is in the kelp where the big powerful band guns have a tenancy to snag and be hard to maneuver. The effective range for a pneumatic gun is 7 to 10 times the shaft length while band gun ranges are usually 5 to 7 times. Plus, most pneumatics toss a heavier shaft which gives it much more hitting power. Since the gun is pumped up to 30 atmospheres, it is true that going down deep will drop the pressure differential. If you are spearfishing at 100 feet or more, you will lose 10% of your power.
Now, all that said, pneumatics are a pain to get serviced. Most are plastic and aluminum and when you go to take one apart to inspect the internals, there is almost always damage done just in the disassembly. If you talk to the engineers in Italy that designed and build the pneumatics, they are amazed that we cheap Americans try to work on them. Over there, they are almost considered disposable.
Then again, you will never find pneumatic guns used in any serious spearfishing competitions.
Just my $.02
Ray