Oxygen dissolved in water is also important for health, not only for taste.

AFAIK, people living in high mountainous areas and drinking only spring water (insuffisantly oxygenated - at high altitude, water has not get a chance to "absorb" enough oxygen, due to too short a travel) are more subject to goitre (A goitre is an enlarged thyroid gland) than the average population.

OTOH, drinking "de-oxygenated" (SP?) water for a short period, such as in an emergency situation, should not rise that kind of problem.