The T-45 OBOGS has a solid state oxygen monitor that trips the warning light below 95% O2, but the supply is generally at something like 99%. In addition to N2 the molecular seives also pull out CO2 and H2O which account for the higher partial pressure of remaining O2 that the people are wondering about.
Also in the T45, you'll get an O2 light at ground idle occasionally, and always if you have the flow on and mask off. It's never a problem unless the light doesn't go out when you run the engine up.
I remember reading an Approach article a loooong time ago about a Tomcat with a single hardover rudder. They were able to keep control of the jet with asymetric thrust. The problem was that they didn't have enough LOX to go BINGO profile back home, but they didn't have enough fuel to stay low back home. I always think about this story when I think about LOX.
Sounds like they took off with too little LOX. That whole Swiss cheese thing.