I agree a double hose is the way to go. My preferred photography reg is a DA Aquamaster with Luis's Phoenix nozzle installed to create a 1958/2007 Phoenix Royal Aquamaster.
I went a little overboard with mine and had it all rechromed, added a set of custom labels, new hoses, a new silicone diaphragm and a new mouthpiece - but even then the cost was not out of line with a new higher end regulator.
The cool thing is that fish will hide use your head to hide from the bubbles - which puts them right in front of your mask. The other thing is that the long exhaust hose, butterfly exhaust valve and the holes in the can, diffuse the air pretty well and prevent the violent blast you get from a single hose reg, so the fish are not as easily spooked by a double hose reg.
I'd seriously consider one if you are into fish photography and in particular macro photography of smaller fish. The new Aqualung mistral is a bit of a disappointment and the old Mistral, the Royal Aquamaster or the old/new Phoenix Royal Aquamaster all breathe much better.