I dive both an OTS guardian or an ocean reef predator, depending on whether I'm in my summer diving configuration or doing winter/ice diving. (The OTS has a better reputation on freeflows, which is a risk in 33 degree water and 20 degree surface temps). I've done a couple hundred dives- about half in a FFM. Much of my diving is Lake Michigan or local midwestern diving where bottom temperatures can be below 45 degrees Fahrenheit, and my typical dive is 45-75 minutes. So I think it's nice to have for the kind of diving I do.
Addressing/Mitigating the drawbacks:
-Frankly I think every diver should carry a pony if they are going below CESA depth (30'). If you go off of that assumption, add a decent amount of practice handling emergencies, and add one piece of gear on (which I'll get to in a minute), most of the risks people cite about OOA and free flows aren't quite eliminated but are 80-90% mitigated relative to the same configuration with a standard regulator.
-I honestly don't notice a difference in my SAC rate between an FFM and a standard reg. I normally move pretty fast- and I'm in a drysuit- and I can stay at 30 feet for 60-75 minutes and still hit the surface with 1000 PSI. (I am diving a 100 HP though). Honestly on a dive that involves several depth changes, I think my drysuit is a bigger factor in my SAC than the mask.
-What about the pros when it comes to safety? There are also issues like oxygen toxicity and unconscious diver situations- not to mention hypothermia in cold water- where a reg is useless but an FFM can bail you out. It's also a lot harder to lose a mask than to lose a reg. Sometimes in diving, a little more emphasis is placed on curing really dangerous situations than on simply preventing them from happening. Keeping the diver warm and comfortable and keeping the source of air in place are just as important as the complexity of doffing the mask to access alternate air sources that aren't on a gas switching block.
-Ultimately the individual diver is a much bigger factor in his own safety than exactly what equipment he is diving (assuming it's properly serviced). Not unlike a drysuit, an FFM adds some complexity to your predive and task loading to your dive, but it's very manageable and you get the hang of it.
My configuration:
-I dive a 100 HP steel tank. It weighs less than an 80 AL net of buoyancy and carries more air. If your buddy is diving an 80 and a standard regulator, he will run out of air long before you. Better yet, get a 149 HP Faber if your buddy gets one. It weighs 20 lbs more but you will hit your NDL at any depth greater than 40 feet before you hit 1000 psi.
-23 HP faber pony bottle. Enough to get me to the surface and do a safety stop from ~120 feet, including about 2 minutes of reserves to fix a problem. Attached to the pony reg are a hose to my gas switching block and my original Aqualung Legend second stage.
-Gas Switching Block. Omniswivel has an awesome gas switching block for about $350, but you can often find them used for much cheaper. I pair that with three quick disconnects- two from XS Scuba- one that attaches to the mask, one that attaches from my primary 1st stage to the gas switching block, and then an omniswivel quick disconnect that goes from the pony to the block. (This is designed to prevent me from mixing up the connections.) With help from the quick connects, the gas switching block assembles in half the time it takes me to screw in my primary first-stage regulator.
-Main octo is attached to an upper d-ring; usually yellow color. Pony reg is now attached to a lower d-ring where I can reach it easily.
-I dive an OTS guardian in the winter and an Ocean Reef Predator in the summer. They're connected to a line going to the gas switching block via a quick disconnect, so they're easy to swap.
-1st stage on the main tank is again an Aqualung Legend- great for cold water.
Other thoughts:
-As part of the predive, you need to check to make sure your block is getting air from your main tank, not your pony. Again, that's why I use two different quick disconnects for my tank and my pony bottle- it's easier to know which goes where and which tank I'm breathing from.
-I think the Draeger Panorama actually comes with a disconnectable 2nd stage- both primary and octo. If you're really worried about an OOA or free flow, get a pony bottle and dive with the draeger. (You still have to practice doffing the mask and switching to a half mask in the event of a total mask failure.)
-Practice doffing and donning the mask and switching back and forth to a half mask and reg. Several dozen times. With gloves on. While hovering. Don't forget to exhale the whole time. You need to know how to do it even if you dive with a gas switching block, and you especially need to know how to do it if you don't have one. This should really be practiced in water that you can stand up in. The shallow water is also good at holding you accountable if you can't switch to your octo before you gain or lose 2-3 feet in depth.
-Like everything in SCUBA, buy used but get it serviced. Seriously, you'll save a grand or two.
I honestly think diving an FFM with a pony and gas switching block is a lot safer than diving a single AL 80. If you have an OOA in the config most divers use, you need to scramble for your buddy- you always swim within 10 feet of him and he's always paying attention, right? Or maybe you have a pony or spare air to reach and grab. If I run into an OOA (which I hope to never have), I flip a switch on the gas switching block by my right thigh and head for the surface. I'm worse off than diving a standard reg in a free-flow, but if you practice doffing a bunch, it's nearly as easy as reaching for your pony octo, and a whole lot easier than swimming for a buddy. And since it's a free-flow- not an OOA, you generally have a little more time to execute.
Finally don't forget all of the situations where an FFM might keep you safer- oxygen toxicity, all kinds of unconscious diver situations, oh and hypothermia. I don't know what the hazard rate on divers falling unconscious compares to second stage regulator freeflows on an OTS Guardian or Ocean Reef (both are pretty rare).
This isn't something for new divers, or every diver. However, if you have a good ~50, maybe more like 100 dives, you have the money, and you do a lot of diving in cold water (and you already have a drysuit), it's definitely a good way to go. You also get a better field of view, get to breath through your nose, and stay in touch with the surface and other divers. Don't forget the look-cool factor.
Happy diving.