oh yeah, believe me, i know how crazy that is. the deepest i've been without air is in the 45-50' range and even at that depth one of the worst things you can do is look up because you want to freak out seeing 50 feet of water above your head. It's all just a matter of being comfortable with the depth you're at.
on a side note, being able to hold my breath for an unusually long time through some practice has it's benefits. you can really freak people out when they panic at 10 feet and you just drift down to 30 feet no problem and chill there for a minute or so.