Great discussion -
While I am not a fan of the inflator/octo, the quality of information and the views presented from both sides are real issues.
I would be happy if everyone has at least one or the other.
One other point to consider:
If you are using an inflator/octo, and you go throught your dive check with your buddy, if he/she has an OOA event, they go right to your regulator. They will tend to do that anyway, but now both of you really, really want that to happen, and that is not always a good thing. If you have had a few of those events, a nice, easy to get, bright colored octo is a good thing.
If any of you have some spare time in a pool, you can actually breath through your BC. just using the standard mouthpiece. It is one difficult skill to learn, but possible. Just make sure your first attempt is in less than a foot of water. I would hope that skill would never, ever have to be used, but it is nice to know one can. You can even do it through the manual inflator. (obviously make sure everything is clean and all the living bugs are dead)