After 30-40 minutes, Simos, you could be feeling the benefits of spleenic contraction (a little more available red blood cells), so that could be truly beneficial but yes, like mullins said initial DR is much stronger and it falls off with serial diving--vasoconstriction decreases and the dives feel easier since they are less lactic. Playing with my O2 sat meter it was one of the first things I learned. Hence the 'no warm up' camp of freedivers. Does depend on the diver though and what they are trying to do. For DYN, if lactic acid is a limiting factor, then a warm-up is probably helpful.