I have one from way back when. I dove with it but found the conditions I was in would crud up the reg and although it was never used, except as a pool toy, I had to service the reg every time out, after a very short time it found a place in a drawer. I'd sell it but my conscience would bother me.
Yup, that's another issue. The whole thing costs $249, regulator and tank, so you know that we are not talking about very high end gear here. I often hear about people spending whatever they can on their primary regs, but then buying something cheap for the octo or for their pony bottle, since "hey, I don't plan on using it much"..!
If anything, the backup system should be MORE reliable, since you won't know that it's having a problem until you need it in an emergency situation. This is the reason why many divers standardize on one type of reg for their primary, their secondary and their alternate gas source.
Sometimes, false security is worse than no security. Yeah, if you just needed that one breath, you would give everything you owned in the world for it. But I wonder if anyone has looked at the effect of the presence of a Spare Air on gas planning in new divers. I would bet that just the fact that they were carrying one would make a new diver a bit less attentive to their gas (something that is already a problem), since they have a "parachute" to rely on.