"If you think you need a pony, you really need doubles.
If you dont need doubles, then you dont need a pony.
Oh really?
1) You dont need a pony bottle because your buddy is your backup.
Response: You should be as self-sufficient as possible, with or without a buddy, and embrace the concept of self-rescue in all but the most extreme emergencies. Expecting your buddy to bail you out of every difficult situation is irresponsible. Even when diving with a buddy, you should be self-reliant in mindset and gear configuration. *You* should be your own backup in most circumstances.
2) You wouldnt need a pony bottle if you developed better gas management skills.
Response: Your gas management skills are irrelevant since a ponys primary duty is to provide complete redundancy in case of primary breathing system failure, not to compensate for poor gas management.
3) Pony bottles are an entanglement hazard.
Response: Compared to a single tank, a pony does theoretically provide more openings for entanglements. However, they are no more, and perhaps less, of a hazard than diving doubles. In addition, many technical divers mount their argon drysuit inflation cylinders in the exact same manner as a pony bottle and it has not significantly increased their chance of entanglement.
4) Ponies increase drag.
Response: When mounted properly close to your main cylinder, they are far more streamlined than the doubles used by technical divers and only marginally less hydrodynamic than a single cylinder.
5) You cannot manipulate the valves on a pony bottle.
Response: While it is true that operating the valve on an upright back-mounted pony is difficult (though not impossible), mounting the cylinder inverted remedies this issue. If using an upright bottle, leaving the valve on allows immediate access to your reserve gas. Since the reserve is not figured into your gas supply during dive planning, if a leak or unmanageable freeflow does occur, the dive can be terminated (if desired) without affecting your primary gas supply.
6) You cannot hand off a pony to a distressed diver.
Response: The primary purpose of a pony bottle is to provide redundancy in case of catastrophic failure of the divers primary breathing system, not a tool to manage someone elses out-of-air emergency. However, many types of pony mounts have quick-releases that enable a pony to be handed off if the diver so chooses.
7) A pony adds unnecessary bulk.
Response: A 13 or 19 cu. ft. pony, perfectly adequate for recreational situations, adds little bulk or weight to a rig while adding an easy-to-operate, completely redundant breathing system. On the other hand, switching to doubles creates a very significant increase in bulk, drag, complexity and cost to a BC, and requires that the diver learn additional skills to manage the doubles effectively.