Simply put the "H", or "Y" valve gives the diver a redundant means of regulator, thus eliminating the need for a Pony, or Spare Air.
The "H", or "Y" valve also gives a diver the option for means of redundancy that would prefer not to use Doubles connected via a Manifold...
This may come off the wrong way, but - the way you have stated it above - what you're saying borders on nonsensical.
Husband: "Honey, we're out of milk..."
Wife: "Try opening the carton from the other end..."
:shocked2:
I think you need to delineate the difference between "redundant gas supply" and "redundant gas access" and then clarify the requirements/solutions for each.
Simply put... to say that an "H or Y valve eliminates the need for a pony/spare air" is like suggesting that running a second fuel line from a car's gas tank to the engine eliminates the problem of running out of gas.
It's even sillier to say that "a Y or H valve gives a diver redundancy who would prefer not to use Doubles..." People specifically use doubles to carry MORE GAS, not as a way to carry MORE REGULATORS.
Wife: "We're having company, did you bring home that gallon of milk?"
Husband: "They were out of gallons, so I got a half-gallon. Just get out twice as many glasses."
Y/H valves solve a regulator redundancy problem, but will provide no benefit whatsoever if you don't have enough gas in the tank they are connected to.