Alright...I tried to stay out of it...

The big issue is a physics one, and it is not trivial. It comes from fluid dynamics. First point has been well covered: gasses vs liquids. Gasses are compressible, liquids are not, so there is a lot of potential for a big explosion when something gives way with a compressed gas vs compressed liquid at these pressures (spare me your stories about 10,000 psi hydraulic systems in jetliners - yeah, they are seriously dangerous if they fail). The other is what people don't quite get because it does not quite make obvious sense. Pressure is not pressure. At least not quite.
The forces exerted are dependent on the pressure AND the VISCOSITY of the "fluid" in question. The lower the viscosity, the higher the forces at a given pressure. This is the second reason why air does not equal water in these systems. Viscosity of a gas is generally far lower than any liquid, so that adds to the issue. The PVC pipe might be rated for 200 psi water, but that does not mean 200 psi air is OK. In fact it is probably not. Thus all the OSHA warnings you have seen in this thread. Yeah if you want to bury PVC it won't pose a safety hazard, though it still may not last. Don't ever use PVC in an exposed shop application for compressed air. It just isn't worth it. Even good old regular PEX tubing is far safer. Polyethylene is pretty resistant to most solvents and oils. Crosslinked PE (aka PEX) is even more so. That is the cheap and easy route. Me? I used Type L copper. I work at a Fortune 100 R&D/mfg company and they use it for all labs and plants for compressed air. If they are OK with it, I am OK with it for my home. It ain't that hard to work with and is not really that expensive given the lifetime it will be in service.
YMMV, IANAL, etc.