I've posted this picture before. It shows (left to right):
1. An older small diameter button gauge (the one everyone learned to hate as it was hard to read).
2. A new larger 1" diameter button gauge with a 180 degree scale that is easily read under water and sufficent for pony and deco bottle purposes.
3. A 2" SPG with a 6" hose attached with a bungee.
A few comments:
I agree with the concern for bending things back and forth creating fatigue, but only in metal objects - it is not an issue in rubber products like a hose. A constant bend will, in my experience, increase the potential for weather checking and will lead to premature failure. So I only leave mine bent when I'm diving and store them straight.
A pony needs to be checked on the surface, but under water knowing what is in it is just excess information. You don't use it unless you need it and if you need it you either have enough or you don't and you can't make more underwater.
The same applies to a deco bottle, you need to check it on the surface and generally speaking the rule is to ensure you have at least 1.5 times the gas you need for the dive, so a gauge error or extrapolation error of a couple hundred PSI is not going to be a issue. And again you cannot make more gas underwater, so you again either have enough or you do not and knowing adds only minimal comfort.
With that in mind no gauge at all provides the maximum in reliability as it eliminates the potential failure points. A button gauge is very simple and adds only the bourdon tube itself as a failure point (the HP port already has an o-ring). An SPG on a 6" hose adds the hose as well as 2 o-rings in the HP spool.
So...no button gauge is fine (provided you check the pressure on the surface) on anything except a stage bottle where you need the larger scale and greater accuracy of the SPG. If you have to have a gauge on a Pony or deco bottle, the 1" button gauge makes the most sense - and it does allow you to check the pressure on the surface without a separate tank pressure gauge (with the understanding it may not be quite as accurate, so you need a larger fudge factor.)
Some divers like to have double duty stage and deco regs and then end up having to meet the stage reg requirements in regard to the SPG.