I dive with a pony, even with a buddy, because I dive in a low vis environment where it would be easy to lose your buddy in an emergency situation. When the **** hits the fan, I expect I may suddenly find myself solo.
Problems with the pony: (1) it is a security blanket, gives false sense of security, and is not worth a damn if you forget to turn it on; (2) it throws off trim; (3) it can clutter up your BC and get in your way, especially if you carry it in front like tech divers do and don't have the routing and configurations all worked out to perfection.
I usually strap it on to my main tank. That keeps the bottle out of way and all I have to worry about is where to attach its regulator.
I learned the hard way to route the regulator and hose on the left, so it does not get confused with my primary and octo. Because all my regulators looked used to look the same, one time I started my dive breathing off the pony on accident. When I got to 120 feet five minutes or so into the dive, I was out of air. It scared the **** out of me. Fortunately, I did not panic and just grabbed my other air source, which was my main tank.
More recently, a diver in my group ran out of air and came to me for assistance. I had a second pony rigged off to the side. It had no regulator and was just going to be used to put some air into a grotto that we intended to visit. I had never carried it that way before and it got in the way of my octo hose and made for a real challenging buddy breath with the octo all tangled. This was rather frightening at 60 feet and a good distance from shore. I could not see the tangle to fix it. Fortunately, the diver in need of air stayed cool and fixed it himself. We made it back to shore safe and sound, due in part to all the extra air I did have in my main pony. I still had plenty of air even with a buddy sharing my air for five to ten minutes.
My conclusions: Pony bottles are dangerous until you get all the kinks worked out, then they are a big safety plus.