The "Vlanik" gun examined by Hanter had some quality problems in terms of machining of the large screw threads and alignment of parts, but it appears that this is now fixed. Trigger and sear also required some adjustment.
Pros are the gun is powerful due to the extremely high efficiency, better than any other pneumatic powered speargun! Components are the minimum number required, however the "Vlanik" gun has no buoyancy, but most pneumatic guns with small diameter reservoirs do not float anyway. Small size allows good underwater handling characteristics, plus grip handle can be located anywhere on the gun by the manufacturer.
Cons are all involved with the transition of sealing and any gaps between the spear surface and that of its detachable tail cap and the necessity of a very accurate alignment at the muzzle with the tail cap sitting on the rear of the shaft. If the tail cap does not hit the rear of the muzzle squarely then it can be pulled off the shaft prematurely and the compressed air will all escape. The shaft must be very straight so that when inside the gun it remains concentric with the surrounding reservoir, remember that only the muzzle bore controls and guides the shaft. The gun is intolerant of any grit entering the muzzle, any subsequent scratches on the shaft will cause damage to the muzzle seal necessitating its replacement as the gun will not hold pressure otherwise. The shaft surface must be completely blemish free. The action of the sear tooth can damage the shaft surface if you do not continue to pull the trigger during the loading of the gun, but this depends on whether the cylindrical sear's tooth has any sharp edges which will damage the shaft. Each shot of the gun allows a small amount of air out as the muzzle seal is transitioned by the shaft join at the shaft tail cap connection and on muzzle loading this occurs as well, but the amount is minimal if the parts are correctly manufactured and maintained. A small amount of water can be caught between the interior of the tail cap when it is pressed onto the shaft and needs some pathway so that most of it can be squeezed out in the muzzle before it is transported through the muzzle seal into the gun's interior during shaft loading. Grit in this area cannot be tolerated as it prevents the critical gaps closing up on the shaft to tail cap connection.
Thus everything depends on the gun being well engineered and accurately constructed, not an onerous requirement considering the very small number of parts. The user needs to observe cleanliness requirements with regard to contaminants getting inside the muzzle and keeping the actual shaft tail in good order so that it couples effectively with the shaft tail cap located inside the gun.
Another good reference is found here which elaborates on the above and offers some possible solutions.
http://www.fishgun-master.ho.com.ua/proekt_vlanik.htm A shorter gun seems better suited to this system as there is less weight to deflect the unsupported shaft length inside the gun, but this is something best answered by Vladimir.