A couple of weeks ago I finally read through the whole CRB instead of just the most important parts. And, well, this just left me stunned.
Water and Swimming: A character can hold their breath for Brawn rounds. Beyond this they start to drown and suffer from suffocation. Sounds fine (if you put a round at about a quarter-minute for this and many other reasons).
Suffocation: You suffer 3 Strain per round until incapacitated, then 1 Critical Injury per round if still suffocating. Sounds fine, too. Curiously no mention of holding your breath (in environments other than water), but I guess you can infer it from the diving rules (if you've read that part as well).
Vacuum: A character can hold their breath for Brawn rounds. Wait. WHAT?! This. Is. Not. How. Vacuum. Works. Furthermore, you suffer 3 Wounds per round until incapacitated, then 1 Critical Injury per round in addition to those you suffer from "normal" suffocation. On this part I'm of two minds - on the one hand, I do like vacuum being worse than just a lack of oxygen intake, but on the other I know that the damage your body takes is negligible until way after you're already braindead from oxygen deprivation (unless you are indeed stupid enough to try to hold your breath, invariably ruining you respiratory system), so I'd probably strike the Wounds but keep the additional Critical Injuries.
Seriously, if Gundam can get this right, and thanks to its popularity/influence pretty much all of Japanese animation, Western pop culture products have exactly zero excuses.