death_by_bloop
Registered
Related tangent: there's a youtube video that's been posted before, where a woman is diving and her mouthpiece separates from her regulator. She eventually gets to her buddy, but the panic response is almost instant and it's a good example of what not to do. Anyone have the URL? I looked and couldn't find it.
This is only my 5th post, so SB won't let me post a URL, but I believe the video you're looking for is the first Youtube search result under "regulator accident." Someone with enough post cred can post the actual URL.

My reg got kicked from my mouth by my buddy on my third checkout dive. I was thrilled that my brain just went "click - no reg in mouth - blow stream of bubbles, locate, replace, exhale (I still had half a lungful), reassure freaked-looking buddy, continue." Besides teaching me not to single-file buddy dive anymore and to protect my mask/reg (or dodge) if another diver's fins are close to my face, that event made me realize in retrospect that I could have spent much longer replacing the reg than I had. If it had been somewhere besides in plain sight, as it was, I could still have gotten to it or to my "golden triangle"-positioned octo before I needed a breath.
Nevertheless, I'm in the bungee necklace camp now as well.