From a redundancy perspective you are only adding second stage redundancy to your main (larger) gas supply while adding a potential failure point, although rare. The addition of an octo on the same gas source will not offer redundancy in the event of a first stage malfunction, such as free flow or freeze up where it has to be shut off for a short period of time, in the event of a hose rupture, or blown o ring. To fully protect the main gas source consider an H or Y valve. Consider it adds additional failure points to what already is a fully redundant gas system with the pony.
In the example given, where second stage free flowed and octo was used while correcting the problem without using the pony gas supply. Its not a very big advantage when you consider it only covers a few specific circumstances, while not others as mentioned above. You also have the option of switching to the pony, if you are able to quickly solve the issue the gas used from the pony may be negligible in terms of hindering dive plans, or may not, hence a slim advantage in very limited conditions to the octo in these cases which have to be weighed against its potential as an additional failure point. A rare event.
In the case of buddy diving you have the option of donating the pony or your breathing second stage if you dont have an octo.
As noted by others the primary reason for an octo is to share air with a buddy. Given that you use the same redundant configuration with buddy and solo diving, the octo doesnt have much to offer in terms of its usefulness. On the other hand, it doesnt detract much either as it will rarely malfunction if properly cared for and has negligible impact on streamlining if properly configured.
It comes down to unnecessary gear from a safety standpoint. Offering a small convenience - not a safety advantage, and a small safety disadvantage, as I see it. Assuming the dive plan considers the smaller gas supply as the determinant factor in establishing a safety limit.
Nemrod:
Of course, the surface is a redundant supply,
I understand the point you are trying to make, but the surface is not usable underwater like an additional tank and reg. is. I would characterize it as a potentially easily reachable escape option. Your statement below confirms this.
Nemrod:
thus the old rule never to dive below twice your comfortable free dive depth--unless you have real redundancy
I've heard this, but disagree, why just two and not three times as deep, or 4, or 10, or 20. Whats the difference? So you made it half way, and then what? A little bit further, and then what? Right about when the boogie man comes a knocking, you're supposed to stay calm and not open the door? Maybe its a useful rule for some, calm, cool and collected experienced divers, but not for many others. Again, I understand the point being made, but disagree with it from a safety point of view and its use as a general rule for all divers. Comfortable depth, where one can reliably and consistently safely ascend should be the guideline. Otherwise, the risk is great.