I bring a pony bottle as a crutch. Very rarely do I forget it, but I will still dive without one and spend a good bit of the dive thinking about how irresponsible it is. Anything 60 feet or over, I plan on having a pony bottle.
This weekend, I over exerted myself chasing a fish at over 100 feet and ran out of air to the point it was "hard to breath" from the reg. I can not remember the last time I needed the pony, probably not for the last few thousand dives. Actually, I'm not sure there has ever been a time when I NEEDED a pony, until this weekend. I kinda wished that I had been using my 13 instead of the 6 cu-ft pony, since it limited my optons at the moment and cost me some money in lost gear because of pretty harsh time constraints.
I have very infrequently used a lsrger pony to extend a dive, but this was with full knowledge that I was compromising my redundancy and was a conscious choice, not an emergency situation.
Even though the pony has had very little utility for me, it is pretty much required if I am to be calm and really enjoy a dive. I think bringing redundancy to allow the diver to be more relaxed, comfortable and to fully enjoy the dive (and probably use less air as a result) is not a bad thing at all.
if there is any "placebo effect" it is associated with the buddy system and the fact that a new diver may believe that he can rely upon an equally inexperiemced, poorly trained diver to get him safely to the surface in an emergency.