True about the bailout bottle, but the bailout bottle takes the place of a pony since it's redundant, I have much more gas to make a longer dive and no bubbles. It may be a good system for photography.
Adam
Some of the suggested systems (like the Draeger mentioned below) don't offer much more (if any) gas/time than a large single tank or modest doubles. The Ray in particular is pretty small (but light). Draeger's would be lighter than doubles but still has some bubbles (as does the GEM and any other SCR). You started off asking for "light weight". I think you should refocus on what you want to accomplish and then figure out what equipment you need to get there.