Pony Bottle Disadvantages include:
Increased swimming resistance
Additional entanglement hazard
Greater weight out of the water (boarding ladders, walking with gear on, transporting gear, etc.)
Buoyancy issues (the additional weight of the pony may allow the diver to remove weight from their belt/bc. In the event of an out of air emergency, however, with an empty primary tank and partially used pony tank they may be too buoyant to maintain depth for a safety stop or to manage a controlled, slow ascent. If they don't reduce the weight of their weight system they will likely be overly weighted,requiring additional air in the BC/Drysuit, adding to the issue of swimming resistance.)
Increased configuration complexity
Addtional purchase costs
Greater maintanence costs
Additional failure points
Pony bottles can be difficult to take along on dive trips, requiring the diver to dive a different configuration on such trips..... lack of familiarization with the this configuration can lead to problems in an emergency situation.
Inadequate reserve gas supply for some overhead environments
Temptation to push limits
Temptation to ignore sound gas management protocols
Tempation to fill pony with a "hot mix" to aid off-gassing at a safety stop, greatly increasing the risk of using it for a bail-out system at depth.
Advantages include:
Totally redundant air supply, separate from primary gas
Smaller than twin tanks
Lighter than twin tanks
Usage not overly dissimilar to using a standard atlternate airsource regulator
Other things to consider if contemplating purchasing a pony bottle:
Chance of experiencing an out of air emergency
Do you maintain your equipment properly?
Do you use high quality, top of the line equipment?
Type of diving you do... i.e. could you effectively make an emergency ascent from the dives you do?
Do you usually dive with a familiar buddy or are you frequently buddied with a stranger?
Do you solo dive?
Would you be tempted to breathe your primary air supply lower knowing you had a pony available?
Would you be tempted to use the pony to stretch your bottom time?
Optional systems to consider: H valve, Y valve, Doubles