I was recently in a talk made by one of Fermentis representatives on exactly this subject.
He made very clear that we should not oxygenate. He even hinted - well, actually said it quite plainly - that oxydation off-flavours found in many homebrewed beers came from oxygenating the wort. Indeed, as this step was not necessary, the yeast did not consume the oxygen present in the wort, which ended up oxydizing the beer.
I'm not claiming this is the ultimate truth, but worth considering IMHO.
Cheers.
I've heard this. I have a couple issues with it.
One: We have no real tests to prove it. I'd like to see the test results because without them it's still opinion/conjecture. Yes, even from them. They should know better than to present something like this without the proof.
Two: Yeast will preferentially consume oxygen even when "sufficient" sterols are present. Not only will the yeast consume the oxygen but studies show it still improves fermentation:
[T]he addition of oxygen during the stationary phase in a medium containing excess ergosterol and oleic acid increased the specific fermentation rate, increased cell viability, and shortened the fermentation period.
Reference:
Rosenfeld, E., Beauvoit, B., Blondin, B., & Salmon, J. (2003, January). Oxygen Consumption by Anaerobic Saccharomyces cerevisiae under Enological Conditions: Effect on Fermentation Kinetics.
Applied and Environmental Biology, 69(1), 113-121. doi:10.1128/AEM.69.1.113-121.2003
This is not new science. The referenced article is from 2003 and studies date back to Pasteur in 1857. He proved that yeast growth increases under aerobic conditions and that fermentation will not occur in earnest until all of the oxygen is consumed.
Reference: Krebs, Hans (1972). "The Pasteur effect and the relations between respiration and fermentation". Essays in Biochemistry (8): 134.
Now does this respiration have an impact on the by-products present in our beer? That's a test I would like to see. Good would be a double-blind study fermenting a split batch of wort with the same yeast, oxygenating one sample and attempting to limit aeration on the other. Better would be laboratory tests showing any differences in the fermented product.
So, science tells us that oxygenating wort is good for the yeast. Conversely a couple of scientists (with a vested interest in proving the "simplicity" of using their yeast) tell us the opposite. They are arguing with Pasteur and a body of knowledge that is considerable and demonstrable.
Because of the science, my experience as a brewer, and as a BJCP judge, I oxygenate all of my wort and recommend it to everyone*. Nobody can prove to me that it is a bad thing, while evidence exists to tell me there is a benefit.
*There may be a reason to create conditions under which yeast will perform in a very specific manner. Helles and various Weizen recipes come to mind. In these cases, under-aerating the wort may be desirable.
We have this argument weekly it seems. If you are looking for a reason not to aerate your wort, you will find support for that here in this forum. If you are looking for a reason to oxygenate your wort, you will find that in the science supporting our craft.