You can't put a different gas mix in an H Valve
Thats not a pony bottle, its using your pony as a deco bottle. No one is going to argue the benifits of using diferent gas to deco.
You can't give an HValve to another diver in a OOA emergency, a pony you can just hand to them, much easier than breathing off one bottle.
True. But this should idealy never happen. You already have a reserve and if you are planing your dives corectly the backup will have enough gas. Making an OOA easier (how often does this REALY happen?) trade off for the extra task loading and complexity of carrying it. Thats a valid arguable point.
You can't clip an H Valve onto the deco line
Deco bottles are no pony bottles. If your using your pony for deco, well.. its not a pony is it?
A Pony is always full of Air, an HValve only has what is left in your main tank.
Which should never be less than enough to surface you and your buddy.. right?
What a pony adds over an h-valve solution:
Redundant neck o-ring.
Redundant tank.
Handoffable (asuming you don't have the thing stuck to your tank).
3rd second stage.
You can recycle your pony into something more usefull.. like a deco bottle.. unless you got suckered into buying a tiny one.
I have never heard of a neck seal going.
I have never heard of a tank failing under water.
You already have a backup 2nd stage.
So you get handofability in the event its usefull. Which should idealy never happen, and in practice happen rarily, and only in the event of equipment failure, which is mostly avoidable. Almost all of which are solved with an h-valve.
And if you move to more demanding dives you might get to reuse your investment. Me, if/when I need a deco bottle, I will buy the right one specificaly for that reason.