Wow I looked away last night and went to dinner with my wife for our anniversary and came back to this amazing discussion!! OK, so thanks everyone very much for all the great input.
I have at least two major takeaways: First, I do agree and think that if I ran out of air at 120 feet or so and couldn't find my buddy or anyone else to grab their octo (I don't dive alone, always in a group), I would NOT be making a controlled ascent and I would NOT be doing a safety stop. I would drop my weights and shoot to the surface as fast as I could, recognizing that I'm likely to get bent. But better bent than DEAD, right? So, as more than a few in this discussion have noted, in that scenario, the Spare Air 3 would be worlds better than nothing, right?
But, second, I've got more than a 100 dives in 2.5 years, all over the Caribbean, and repeatedly in Cozumel and Grand and Little Cayman, and I've never seen anyone with a Spare Air or, for that matter, a pony bottle (as so many have suggested). Yes, I know, 100 plus dives is not that many, but, for example, in Little Cayman I've dived with people with many hundreds of dives (with Reef Divers (excellent excellent outfit, as you probably know)) and no one has ever had a pony or Spare Air.
The issue for me is that I love to go deep, and am usually the deepest one on most dives. My buddy is sometimes 20 feet above me and maybe 20 feet away horizontally, so if a hose burst or an O-ring blew out, etc., I might have to swim hard and fast to him (or another diver). Having said that, I'm in great shape and can swim very fast; I can hold my breath for a long time (yes, I know, I would not hold my breath while ascendiing); and I've invested a lot in very high quality equipment and think the chance of regulator or hose failure is quite remote. Still, I wonder....
I just don't get why I've never seen anyone with either a Spare Air or a pony??