Internally it's very similar to the D300, same poppet/aspirator arrangement. I have several of each; the only issue with the air1 is that the diaphragm is very delicate, difficult to remove/replace, and not available. So if yours has a diaphragm in good shape, be very careful if you dismantle the reg to service it.
These are excellent breathing regs; a little wet-breathing when upside down, due to (I presume) less-than-perfect sealing around the edges of the diaphragm, which also acts as the exhaust valve. That issue was addressed in the D series, with the separate exhaust valve mounted in the center of the diaphragm.