I've got a 30 cf pony with a Sherwood SR1 reg. I've dove in a local quarry a few times. It's got a stage kit on it, which uses 2 bolt snaps to clip it to D-rings on my left side BCD.
I've got a 3 cf Spare Air I've used to multiple dives by the Channel Islands in California on a trip.
Some thoughts:
1.) Spare Air is way lighter.
2.) Included 'holster' hugs to S.A. to me higher; the pony hangs fairly far off/down.
3.) With the pony, the hose between 1st & 2nd stage on the SR1 sticks out. Efforts to secure it to the tank side with the rubber band? Not very effective. A nuisance. Non-issue with Spare Air.
4.) The top/regulator on S.A. screws off pretty easily.
5.) When I get to a destination, I can fill the S.A. from a tank. Don't need the op. to do it, so the op. probably won't cut me off by refusing unless I let them do a visual inspection since the valve's been off.
6.) Takes me 40 something breaths to empty it at the surface.
7.) Not every destination provider rents ponies.
I've seen a couple write-ups where somebody basically decided to 'drill' an OOA emergency at 90 feet, ascend properly, do a safety stop, etc..., with a S.A. and basically it didn't get'ed all the way up. But there's value in a controlled slow ascent and at least partial safety stop before heading up.
At 90 feet if your 2nd stage falls off the hose, or your setup otherwise quits giving air, do you 40 something surface equivalent breaths (close to 4 atm, let's stay 12 maybe?), or none?
A Spare Air 3 cf (I wouldn't mess with smaller) is not about a rule of thirds approach to let you retrace your path to the start, ascend properly, do a 3 minute 15 foot safety stop & all from the point of maximum planned dive plan distance.
A Spare Air is about letting you stop, consider what's going on, then ascend at a more controlled rate. Perhaps even take a moment to snap a strand of entangling kelp?
The convenience factor in traveling & using a big, even if that's not obvious. I don't think of S.A. so much as something people use instead of a pony, as rather something people who'd have skipped the pony due to hassle factor, and thanks to S.A. maybe don't dive with no redundancy.
Spare Air 3cf is good for what it is, and if that's what you're after and plan for, it can be good for you.
Oh, I have run across reviews of S.A.'s losing pressure over time. Hasn't been an issue with mine, but I suggest the optional button pressure gauge where you can see how much pressure is left in it.
Richard.