Lungs with one-way air flow may have helped dinosaurs’ ancestors become dominant when oxygen levels dropped after the Permian-Triassic extinction. It was a period around 250 million years ago when most land-based life died off. [..]Â
In turn, this lung structure may have enabled the common ancestors of dinosaurs and modern-day birds and alligators, the archosaurs, to thrive when oxygen levels dropped and killed off most other animals.
(via http://www.wired.com/wiredscience/2010/01/alligator-lungs/)