Check out US patent application 20040003811 A1 filed by inventor Alan-Izhar Bodner. It describes an "electro-gill". If this apparatus works in practice it may be the biggest revolution in scuba diving since the acronym for Self Contained Underwater Breathing Apparatus was thought up.
It is well known that seawater contains dissolved gases. Aquatic animals (including fish) extract oxygen from water through their gills or their skin, and they seem to do just fine. For humans, the most efficient means of breathing underwater has so far been the closed circuit rebreather (CCR).
Bodner's invention uses cavitation to physically separate breathable air from the seawater. The patent application predicts that processing 2,000 l/min should produce 25 l of breathing gas (more than double my breathing rate). Directing two cubic meters of water per minute through a nozzle should be more than enough for diver propulsion, so even less oxygen is metabolised during a dive (unless you panic and hyperventilate while trying to avoid ramming into obstructions at high speed).
The invention prompts two questions about its usefulness. Which energy source would be portable yet powerful enough to drive the pump and gas separation engine? The power requirements may render the device impractical if they push the weight of the unit above that of sports diving equipment, leaving instead the electro-gill to serve military purposes or supplying underwater habitats or machinery.
The second question is about gas mix. In its simplest form, the electro-gill would serve up the gas mix which is dissolved in the seawater. This goes against the current trend where divers are making use of different gases' properties to decide on the best breathing gas for the target depth (nitrox, trimix etc). With filters and scrubber, the electro-gill could become a trimix rebreather fed from the gases dissolved in the water but the issue would again be one of size and weight.
Despite these doubts, I would be happy to be on the test team.