I would like to make a comment here. There is no history of a burst disc (essentially an OPRV) failing below the surface. The bust disc tends to let loose during an overfill or during storage in elevated temperatures. Once the tank is in the water, cooling and breathing lower the pressure at a rate that bust disc failure is almost unlikely.
An extruded neck o-ring on the other hand can fail for a few different reasons. One, it may be old and vulnerable. However, if it was recently replaced, it may have been contaminated prior to installation. This contamination can cause breakdown and failure. Also, like you mentioned, extrusion, or not seated properly, can cause failure as well, but usually rears it's head during filling or shorthly there after like the burst disc.
The other less looked at failure of the o-ring is improper material exposed to high concentrations of O2. This can and does cause premature failure of o-rings, and I've seen it happen quite a bit.
So, the burst disc isn't much of a potential failure point once the tank is dived, but the o-ring is.
Absolutely wrong. Sorry, but degredation of the material happens due to contamination and high O2. I've seen o-rings blow out on people gear, my own included. And it wasn't from blatent improper handling.