I tired the sliding o-rings, and didn't see the point either. They don't actually save space, they just occupy one end or the other at a time. If you were to place two fixed d-rings at point A and B to keep the tank in the correct position, you would still have to slide a d-ring from the same point A and B. If you put something else in the way, you can't slide your d-ring to the right spot anymore.
If you are at the point of sidemount exploration where you're getting d-rings on your waist caught on things, I have nothing to add.
-Chris
If you are at the point of sidemount exploration where you're getting d-rings on your waist caught on things, I have nothing to add.

-Chris