+1 for consistant setup. Don't see the problem though. I've got one 2nd stage on my tank and one on the pony. Pony is ALL bright yellow (hose, octo, tank, carry strap, octo holder) with valve open during any dive. The octo holder is at my neck (right shoulder, actually) and can be pulled free easily - either by me or another (discussed and demonstrated pre-dive). Pony can be unclipped and handed off. The pony SPG then is no longer my responsibility.
I'm a little surprised at the consistency of the comments on this thread. I thought the anti-pony flamers would be in full force!
To answer the OP, for me it's a pony in addition to an octo. Octo is for standard buddy breathing/low air/OOA recovery for some other diver.
Pony is for once in a million 1st stage failure (because my regs are maintained meticulously), OR a redundant air supply I can hand off to a panicked diver that I don't want near me.
On an 80' dive, with my SAC, I can use a 13 CF pony to allow a 2 min situation eval at depth with double my usual consumption, followed by standard ascent, and then a 3 min safety stop at 15 ft, assuming I have that one in a million failure. It's on bands from which I can pull the second stage for myself without unmounting (see
http://www.scubaboard.com/forums/making-your-own-gear/448362-diy-pony-tamer.html for my setup, but others prefer a sidemount), but there's also a lanyard/clip that I can attach to some other diver's harness and back away.
It's a risk/benefit decision, and I agree with prior posts about not changing your usual regulator setup. I ALWAYS have an octopus for shared air for my buddy or some numbnuts who is OOA and grabs my primary, so I disagree with Kharon above - I have the octo too. I also mount a pony when I'm diving with unfamiliar partners or at greater depth, or after several days of diving where my N2 load is such that I would prefer to avoid a CESA if I have an equipment failure. My consistent behavior is to always have another second stage. Whether or not there's a third, with a redundant air supply, depends upon the dive, or my buddy, or the "other" divers on my trip. But the only variable is the pony. There's always a second regulator clipped to my shoulder (I gave up a a necklace after the octo always filled with sand from shore dives) that I can hand off to someone, or breathe from if someone hijacks my primary (on a 5' hose). As you've gathered, I only want a
calm buddy breather hugging me with a short hose. The others need to be 5' away or on a separate air supply.
Dr. Lecter had it right in the very first post.