Before buying any piece of equipment, I think it's really important to define the problem that you are solving with it, so you can understand what the value of the equipment is, and what its drawbacks are.
In this case, the problem you are solving is being underwater with nothing to breathe. So let's look at the solutions you have available to you:
1) Don't go there. The vast majority of low on gas or out of gas scenarios are due to diver error: things like failing to check your tank pressure before getting in the water, failing to check your pressure DURING the dive, taking an inadequate gas supply for the proposed dive, and allowing outside (eg. dive guide) pressure to keep you in the water longer than you know is wise. Read the A&I and Near Misses forums and you'll find VERY few incidences of catastrophic gas loss or cutoff of gas supply. It CAN happen (especially in ice diving with freeflows) but it isn't common. When you are diving in conditions where freeflows are common, a better equipment solution is to make sure you have environmentally sealed regulators that are appropriate for the situation, and also learn the appropriate techniques for minimizing freeflow risk.
2) Have a competent buddy close at hand. If you go head down to look at a fish and clog your dip tube, it's likely that the biggest reserve gas supply you have handy is on your buddy's back. This does require some training and discipline, but it really isn't hard to do.
3) Provide yourself with redundancy. This can be in the form of a pony bottle, Spare Air, or double tanks . . . but the one thing it has to be is ENOUGH. Read NW Grateful Diver's article on gas management, because it will give you some mathematical tools to calculate what you may need for self-rescue from a variety of depths. It's more than you think, even if you use a rapid ascent rate and don't make any stops. The one thing you want from emergency equipment is that it be easy to use and reliable -- the one thing I wouldn't want while doing an emergency ascent when out of gas is to run out a SECOND time.
On a much more pragmatic level, a 30 or 40 cf bottle with a standard regulator has much more resale value than a Spare Air, too.