Okay, some new weird glitch.
I entered the GFI cutscene while in the water RIGHT as Link drowned (though he didn't show any signs of actually drowning, it's probably a 1 frame window), and the air globe stayed up during the entire cutscene, and even after the cutscene.
Getting in the water makes it fill, but the moment you leave the water, it drains and the empty globe is back.
Drowning without dying removes the globe.
Dying on land and continuing removes the globe.
Save and Quit removes the globe.
Going into a building removes the globe.
Getting on your boat does not remove the globe.
Going in shallow water fills your globe and doesn't drain it, but the moment you leave the shallow water it starts to drain again.
That's all that was tested so far.
Edit: Also, this:
http://www.youtube.com/watch?v=CBBI1HFFd-QEditEdit: Oh my god
http://www.youtube.com/watch?v=he6p1lVKPSEOh, that's fucking it, I'm gonna fill that list, just you wait.
Maybe not today, maybe not tomorrow, maybe not the day after tomorrow, maybe not even this decade, but I'll fucking fill that list, count on it.