Adding air bubbles to a tank via air stone or powerhead doesn't add oxygen to the water. The bubbles stretch the surface tension of the water surface as they pop and allow for gas exchange. The bubbles introduced low in the tank will cause a current to be created as it rises to the surface, drawing water from the bottom of the tank to the top to effect the gas exchange. Air isn't needed to create this current if the tank has good circulation.
The debate is a long one, but air stones have being proven to not increase oxygen levels in the water. They will, as said before, break the surface tension of the water making the gas exchange more efficient, in theory, thus starting the debate over the usefulness of air stones in aquariums.
If a tank has poor circulation, adding an air stone will help. If you are relying on air stones to oxygenate your water, it is not going to work like you think.
Personally I like the way bubbles look in certain tank setups.