My original pony reg was an Apeks XTX50. That reg got moved into my doubles set.
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A deco reg is often simple and unbalanced because it's being used shallow. A pony reg is an entirely different thing. I personally want my pony reg to be as high quality as my primary. If I ever need to use it I will most likely need to switch to it at depth and in a high stress situation meaning my breathing will be much heavier than normal. I don't want to have to breath through an inferior reg in situations like that.
I use a top of the line reg on my pony (Apeks ATX200) that is as high quality as my primary (Aqua Lung Legend).
You pony reg should be as good, if not better, than your primary. When you need it you are likely to be stressed and could still be at depth.
I practice switching over to my pony and make an ascent from greater than 30m on a regular basis.
I may be getting a pony tank at some point in the not too distant future. I dive in somewhat cold water (down to low 40s), but not typically in cold weather. I was thinking I would probably just get another of the same relatively inexpensive sealed diaphragm regulators that has worked well for me so far and use that for the pony. (If it ain't broke . . . )
On the other hand, I read sometimes that people often use a simple unbalanced piston for pony tanks. Any reason (other than saving a few bucks) to prefer a basic unbalanced piston on a pony tank?
If you turn on a flooded diaphragm to use it "in anger" in cold water, there's a good chance the water inside will freeze.There is some thought that a MK2 is more tolerant of being flooded than a diaphragm reg, and that for stages this could be an advantage, especially if the stage is left charged with the valve off. That way if the purge gets bumped and the regulator floods, there is less of a chance of a problem. I don't actually know how realistic that whole scenario is, but it is true that the MK2 has very a simple air path and no dynamic o-rings in the HP chamber, so it makes sense that you could flood it, then just blow the water out and use it. I guess this is only an issue if you turn your pony off underwater to prevent any accidental gas loss.
I do use my pony regularly, but only for filling tires and testing regulators. In the 10-15 years I have owned the pony, I think I dove with it exactly one time.