I have a couple of them and they are good regs.
They were a replacement for the excellent performing Pilot. The Pilot was superb in terms of performance but was fairly complex and the pilot valve was very hard to adjust properly. The Air 1 was designed to offer essentially the same performance (it comes close, at least to sane depths) but with a much less complex and easier to adjust center balanced valve design. In fact Scubapro made "upgrade" kits for the Pilot to convert them internally to Air 1's to reduce their finicky behavior and improve real world reliability. The Pilot was only around for about 2 years before being replaced by the Air 1 that remained in production for several years with substantial overlap with D300 and D350 production.
The Pilot and Air 1 oddity is that there is no exhaust valve. Instead the diaphragm lifts off the case to act as an exhaust valve. This requires a metal clip around about 1/3rd of the valve as well as an adjustment of the lenght of the pin that connects the diaphragm and lever.
It works very well and does not produce the leaks on inhalation that you would expect. There are however 2 potential downsides:
1. It breathes a bit wet given that the diaphragm/exhaust valve is on the upper side of the case in a face down position (they reversed this in the D300/D350 an D400 that use the same poppet and center balanced design).
2. Unless the tech is VERY careful, it is fairly easy to poke a hole in the diaphragm with the metal clip when servicing the reg as the case does not come apart and removing the diaphragm and clip to service the internals is a bit tricky. This was not a big deal when it was designed as SP routinely provided new diaphragms at each annual service, however SP discontinued parts and service support several years ago and new diaphragms are no longer available.
If you just bought an Air 1, plug the inlet on the first stage or remove the second stage and plug the hole in the hose or inlet fitting with your thumb and try to inhale. If you can draw any air at all there is a good possibility the diaphragm already has a hole and if so finding a new one will be extremely difficult.
Scubapro has ony discontinued parts and service support on three models - the Pilot, the Air 1, and the first generation Air 2 (the really ugly and clunky looking version of the Air 2). But given that they no longer provide support, a new diaphragm is not a possibility. The D300/D350/D400 annual service kits work fine as they sheare the same poppet. So as long as the diaphragm is good and the large o-ring that seals the purge cover is in good condition, the reg can usually be returned to service.
My caution here is that many techs have never worked on one (very doubtful that they have ever done so if they are under 40 years of age and virtually impossible if they have not been doing reg repair for at least 10 years or so) but a lot of techs would probably like to work on one to see how they tick. Also, despite any tech interest or ability, some shops may not encourage it due to the liability issues that may come up from servicing a reg that was discontinued by Scubapro. When Sp discontinued them, and original owners would have gotten a free replacement with a comparable performing reg like the D400, G250 or G500. (same with the Pilot and similarly with the 1rst generation Air 2 where a newer Air 2 would have been provided under warranty.)
I personally do not work on customer Pilots or 1rst gen Air 2's. In the case of the Pilot it is partially a liability issue and partially the fact that customers are virtually certain to be unhappy with periodic tuning requirements that are almost endemic to the design.
With the first generation Air 2, they were before my time and I just don't have any real experience with them on top of very limited parts availability. I am just not comfortable putting them back into service, especially given the better performance of later generations and their availability used for around $100 or less.