A Spare Air™ is nothing more than a low cost pre-configured Pony Bottle, so we can use Rock Bottom Gas calculations to determine if the Spare Air™ is a viable tool for scuba diving.
To determine the gas we need for an emergency direct ascent we can use the CAT calculation for one person under duress:
(1.5 RMV * Average Depth * Time of Ascent) = Cuft needed
But what about the idea that having a Spare Air™ could give you the minutes you need to reach a buddy, who presumably has more air. We can do that calculation using a variation of CAT as well:
I just do not see how a tank smaller than 19cuft is viable as an emergency air supply. And given that Spare Air™'s largest tank they sell is 6 cuft...I can not in good conscious recommend one.