I wish I had seen this one as it was going on!
I only skimmed over the entire discussion, but agree with Green Manelishi and a few others. An H-valve will suffice for most recreational dives. O-ring and burst disk failures underwater are very rare -- especially with well maintained gear.
Proper dive planning (rule of thirds for example), good gear (maintenance), and diving with a buddy will take care of most anything for recreational dives. If nothing else, blow and go - right?
You have to ask yourself if carrying a pony introduces more problems than you're trying to solve. There are two scenarios I can see where you would NEED a pony for a recreational dive: total gas loss from an O-ring/disk (not likely), or a bad pressure guage that is stuck (which is easily detected). Maybe even a free flow, but most free flows are trickles that get worse, but at any rate you can easily breath from it to surface.
Anyway, by introducing a pony, divers (especially newer divers) can often find themselves overly task loaded and unprepared.
A good buddy should be right there as well.
What's with all the arguing anyway?
Mike