Back to the OP.
I have spent considerable time thinking the same questions. I am just a normal, solo diver, not a diving god, so take it for what it is worth.
The sling method out front has some advantages and is functionally optimal. You can hand off (I tend to solo, so it is not critical). You can always see you tank, valve, gauge and have instant access. It is practical for the super sized ponies (AL30/40). It works well with a BP/W.
It has 2 disadvantages. The biggie is is a big, huge tank in my active storage area (my front). This is were my camera is, my lights, cutting tools, SPG, etc.. These are things I use often, the pony is not used often. My pony is only worthwhile if I use it, if it is a PITA, it will stay on the boat or in the car, just a worthless piece of gear. The other issue is it is one more piece of gear to clip on/off every time I dive.
The back mount has a single advantage in that it does not obstruct your front. It is a rather huge advantage for me.
It does have a couple of disadvantages you have to work through. It is possible for something to leak and not see it. Rare, but possible. I dive with the hoses charged, but valve off. This eliminates this possibility, but now I must open the valve to use the pony. This dictates the pony be mounted valve down for me (old, don't bend easy) and that I must drill with it to make sure I can open it quickly. The other disadvantage is you have to think about where to mount the 2nd so it is not confusing to other divers if you also have a safe second on you primary regulator. I clip mine with a bungee down near the valve on the pony.
As for the entanglement discussion, I would only add having 2 tanks / valve / regs will slightly increase your entanglement potential. No doubt about it. If this is an big issue, then all the divers in doubles are going to die!