It seems the process needs a lot of electicity, which will also weight some kilos. And still you need an emergency tank which can't be too small if you are saturation diving and cannot simply go to the surface in 5 minutes when the motor fails.
My feeling is, the new design isn't KISS.
Also, how about pressurizing the gas? The centifuge lowers the pressure, so the gas gets out of the water. But then it must be pressurized again to the pressure of the water around, so it can get into your lungs.

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"Flying in space is risky business, but just staying on this planet is risky business too." - John Young, astronaut