I have rarely used a pony when diving in cold to temperate waters 11-17C.
in our downright cold water (Great Lakes), 36 degrees is not uncommon, even in the shallows (seasonal). Pony bottles are carried as a means to deal with a freeze-flow, not stressing your buddy's stage by having two divers on it.... YMMV
rhwestfall, you beat me to it. When I mentioned extremely cold water, I was talking about 38F/3C or so. 11C/52F is pretty temperate, IMHO.
The issue with extremely cold water at depth and a single tank (without an H valve that could be shut down), is that if you were to breathe off your freeflowing tank the way we are often taught in o/w, you could be out of gas long before you reach the surface. If you share your buddy's regs in extremely cold water, the increased demand, especially under stress, can cause your buddy's regs to freeflow also and you could both be out of gas long before the surface.
The fastest draining freeflow that I ever saw was a new buddy to me on the Forest City in Tobermory, ON. We only made it to 114 feet and his reg started dribbling and then freeflowing fast. My pony was back mounted back then so I gave him my reg and I switched to my pony. As we ascended, I went to shut down his tank but he swung around and didn't know what I was doing (though he was calm, just perplexed) and I realized we never discussed what his or my protocols are in the event of a freeflow. I left it as we continued ascending. When we got to 88 feet, I noticed his reg stopped freeflowing. I wondered if it had thawed out and looked at his computer, which said 88 feet and 0 psi. From 114 feet with a nearly full tank to empty at 88 feet.
An instabuddy many years ago had a freeflow in Kingston, ON near the beginning of the dive when we reached around 80 feet and he chose to breath off it, took off like a bat and ran out of air by about 30 feet. At first I chased him from 80 feet, then I slowed down to faster than I liked but reasonably ok, seeing that tech divers were doing deco on the line. One of them handed him a stage bottle as I arrived and we all did a stop together. So that one lasted about 50 feet with him making a beeline to the safety stop and yet with an empty tank by 30 feet.
I like the peace of mind of having a redundant gas source in extremely cold water (ex 38F/3C) in the Great Lakes, and since my pony is slung, it can come in handy for me or someone else. I don't travel with any tanks, since I normally only travel to dive in warm or temperate water, and for me personally, I only want my pony for very cold water.