I dive with a SeaQuest AirSource for my alternate regulator, and I have heard these main objections to their use.
1) The biggest complaint, and the most serious in my opinion, is the difficulty in controlling bouyancy during a stressful situation while the inflator/regulator is stuck in your mouth. I believe this can be overcome, but it does necessitate training in an additional skill that will only be required during an emergency. With a standard octopus, regulator use and bouyancy control are identical no matter which regulator you are using.
2) Some people belive that your primary and alternate regulators should be of nearly equal quality, since a stressful emergency situation is no time to stick someone with a low quality regulator. I personally am not overly concerned about this because I rarely, if ever, dive in situations where a direct ascent to the surface is not an acceptable option. Great depths, overhead environments, icing concerns, and strong currents are examples of situations where this could become a major concern.
3) Some people don't see the octopus/inflator as a regulator and therefore don't keep it cleaned and properly serviced.
4) Some people do not want to donate their primary regulator to the OOA diver (I don't know why though. The first warning you are likely to get that a diver is OOA is when they yank the primary regulator out of your mouth.)