I dive with a Cobra and think that for recreational diving as defined by diving with a buddy, no penetration and no planned decompression, an air integrated computer is the best option. It provides all of the information you need conveniently in one place. A backup pressure and depth gauges create more problems than they solve.
Your friends computer (or SPG, depth gauge, bottom timer, and tables) provides redundancy. Dive the more conservative of the two. If either fails, safely end the dive using the operational one.
If your computer fails during the dive, something I have yet to see with a Cobra, do not switch to backup pressure and depth gauges and continue the dive, this introduces to many chances for human error in a potentially stressful situation, safely end the dive.
What then do you gain from the backup other than the ability to monitor air pressure as you surface? If youre paying attention to your air consumption prior to the failure, this is not an issue, you know you have enough air to safely reach the surface or you should have been on the way up. On the other hand, a spare SPG adds additional failure points and complication to the setup.
The one thing of value you loose if the computer fails is your nitrogen loading based on multiple dives and neither a backup pressure or depth gauge will allow you to reconstruct that.
Penetration or decompression diving is an entirely different situation since you may not be able to simply end the dive safely.
Most importantly, the computer cannot think for you! It only provides you with information for you to base your decisions on. Invest the time to learn how the computer works; dont wait for it to beep at you and then try to figure out what its trying to tell you. The Suunto web page has a great simulation that takes you step by step through a dive explaining how the computer works.
Mike