This thread is getting pretty well exhausted, but I would like to clarify a couple of things from a Mechanical Engineer perspective.
PVC pipe is subject to unpredictable aging problems but, even when new, it can shatter on impact when pressurized and metal piping will not do this. There is a basic difference between gas and liquid service such that pressure ratings cannot be the sole basis. Liquid, being relatively incompressible, will immediately depressurize with a failure. Gas, because it expands, maintains a higher pressure and has much greater potential for "explosive" failures. This, combined with the PVC brittle shatter behavior, is why it can't be used in exposed locations.
PVC is OK to use for gas service underground. Depending on the environment it may last longer or shorter time than metal. I doubt I would choose it but it's not a safety problem when buried.
Schedule 80 is not justified for air service unless your primary concern is forklifts, etc. Schedule 40 steel pipe in the sizes we are discussing has a code allowable of over 200 psi at room temperature. The actual burst strength is more like 2000 psi. Properly threaded fittings are only slightly less capable than the pipe itself. I've never seen a threaded fitting fail (break) from pressure, only from impact or external force. I'm not a professional pipefitter, but I've threaded a lot of water and natural gas piping and the only failures I've had is when I threaded a pipe too far and damaged a valve.