Pete,
the swim bladder question is complex, evolutionary speaking. As far as I know, no cartilaginous fish has or had anything like that. It seems to be generally agreed that the cartilaginous condition is secondary, but this does not mean that modern sharks are descendants of bony fish that ever had swim bladders! As far as I can tell, the sharks and the ray-finned fishes diverged before the appearance of swim bladders.
On the other hand, as you point out, swim bladders in many species of mackerel are reduced, or essentially absent. This too appears to be a derived condition. As far as I know, reduced swim bladders in ray-finned fishes either appear in bottom dwellers, or in fish that manage their attitude or depth dynamically with their fins while swimming. This seems to have advantages of manoeuvrability and insensitivity to sudden large changes of depth, which can be fatal to fish with large swim bladders. More or less continuously swimming fish such as mackerel can afford the energetic cost of doing without a swim bladder or buoyant oil. None the less it is an unusual adaptation; tunney are related to mackerel and generally swim continuously, but they seem to have roughly average swim bladders for their size.
Georg
That story about sharks lacking the gill ventilation mechanism, though traditional, is not strictly correct. It certainly is not universally true. Plenty of shark relatives (rays and related fishes) breathe quite actively while parked stationary on the sea bed or seaweed. One can watch them in aquaria, their gills pumping much like the gill coverts of bony fishes. Many true sharks with sedentary habits, like “cat sharks”, behave in similar ways. The sharks with the least adequate stationary breathing ability are the cruising species I mentioned before, such as the great white. How readily such sharks really would suffocate if they were held stationary in the water, I cannot guess. Specimens that I read of, that did suffocate, all had been caught and handled under stressful circumstances. However, I cannot imagine non-stressful circumstances in the wild under which they could not cruise, so the question is perhaps a bit academic.
Note that in this field however, as in many others, I do not pretend to speak with any authority.