Couple of points...
OxTox - Air reaches a PO2 of 1.6 ATA at about 220', so if you plan to spend more than 45 minutes on the bottom (!) at 220 then OxTox might be a problem... but I reckon the 6+ hours of deco might be a bit more of a concern, eh? In the only real high PO2 experiment I know of, all the test subjects endured a PO2 of 3.1 ATA (about 450 FSW on air) for at least five minutes before any signs of OxTox (test subjects were put on 100% oxygen at 70FSW in a chamber every day for 30 days running; each day until OxTox symptoms were observed). And as alluded to earlier, it appears that high PN2 takes the edge off OxTox as well, so of the big three (OxTox, Narcosis and decompression obligation), it appears that for most "Deep Air" dives OxTox is rarely a significant factor.
Narcosis -
Often underestimated. Why? Because you are your own worst judge of narcosis. I hear people say "I don't get narced at all at xxx feet." It just ain't so... There was a fellow over in England not long ago that ran a little narcosis class at 100FSW. Nearly *all* his students were *absolutely sure* they didn't have any narcosis at 100 FSW. But he was able to demonstrate that every single one of them was in fact narced at 100' simply by getting them to do something stupid that they'd agreed not to do under any circumstances before the dive! I can nearly hear the "not me"s out there as you read this, but his results are conclusive. I know, for example, that when I pass 100' going down, that when I look at my gauges I have to think about what they're telling me and consciously register the information, otherwise I'll look at 'em and stow 'em and then realize that though I read them I didn't register the info. Perhaps my favorite narcosis story comes from my brother-in-law John. He relates how after tracking a grouper for a few minutes at 130', "pretty soon I was a fish... right up 'til I ran out of air." Scuba history is replete with divers who "just kept going" on deep air until it was too late to make a safe ascent... who either perished at depth or ended up hurt really bad or dead from DCS. (Two very recent cases attest to this)
Narcosis is the one of the big three that usually gets divers to violate the limits of the other two. If a diver insists on diving deep on air, he must make all critical dive decisions - depth, time, minimum ascent gas, abort criteria - before getting in the water, and stick to the plan period. I don't care how confident you are of your decision-making at depth, it is impaired. Make the decisions topside.
Decompression obligation -
In my deep air days I must admit I often carried far too little gas for contingencies. It was only by being totally anal about the dive plan that I didn't slip into that "just another minute" at depth that runs the deco obligation beyond the gas supply. Many divers today still dive deep air with too little gas onboard. It literally takes "just one more minute" or "just a few more feet" to get that big fish and to put the diver at extreme risk for DCS due to not enough gas.
Bottom line... there are ways to do (moderately) deep air with a margin of safety that's acceptable to me, but my envelope has shrunk considerably with age, and especially with the wider availability of helium.
Rick