Isn't it also a function of the amount of oxygen that's available in the medium to be exchanged? More oxygen molecules come into contact with one square inch of lung tissue than with one square inch of gill tissue because there are more oxygen molecules in the air that comes in contact with the lungs than in the equivalent amount of water. Water is, after all, mostly water.
This is the reason that whenever a species of air-breathing vertebrate completely adapts to the water and retrofits itself to an aquatic life, it kicks ass. Mammals and birds metabolize a lot more oxygen than an equivalent sized fish so their bodies are stronger and faster pound per pound. Being warm-blooded is a great advantage too. That's why dolphins can kick the crap out of sharks and why seals and penguins catch fish so easily. I guess there are quite a few aquatic reptiles, such as alligators and sea turtles. They're cold-blooded but they're lung breathers so they're still pretty successful in the marine food chain as long as they stay in warm climates. Still, an alligator hasn't got a prayer in a fight with a dolphin.