I think that the topic of using aeration needs to include the other values that it brings to your pond environment other than the discussion on added dissolved O2.
First of all you are stirring the water column so that you don't end up with a dead area caused by the thermal cline. Below that thermal cline is where the 02 levels get very low. In addition to added O2 in the various modes discussed in this topic the other very important point is that due to the stirring large volumes of the water are now exposed to the ultraviolet rays of the sun. That causes 2 additional benneficial events to occur. One is that the plant life that creats the O2 needs the light for photosynthesis which in turn then allows the plant life (phytoplankton) to create O2. Normally the life below the thermal cline is Anaerobic literally means without air. That life creates the fowl smell and lifeless zones that air breathing life needs. This stiring helps keep that anaerobic life in balance where light penetration is low.
The second very important factor is the effect of the Suns UV light on nutrients and other bad elements that develope as a result of resperation. The UV light breaks down these undesirable elemets in conjunction with the O2 that is in the water and then creates a very nice ecosystem for fish and man. If you have ever gone swimming in a lake or pond that has no aeration you may remember the slime that coated your skin. This just does not happen in a properly areated pond or lake.