Tiny Baetis mayflies are perhaps the most commonly encountered and imitated by anglers on all American trout streams due to their great abundance, widespread distribution, and trout-friendly emergence habits.
Wax on, wax off... :)
We are slaves to our senses...:)
A while back, when I posted the above question, I also posed it to Gary Borger on his site. Apparently he'd responded:
http://www.garyborger.com/2010/01/07/caddis-pupa-husk/
Gary Borger says:
Hi Paul, No one that I know of in the scientific literature has seen caddis pupa pumped full of gasses. They have seen and clearly showed that there is molting fluid between the pupal husk and the enclosed adult and that it makes the pupa glisten.