Suppose we have a cylinder half filled with water and a ping-pong ball, floating on the surface. We cut small holes in the bottom of the cylinder and proceed to blow air through it, resulting in air bubbles forming and rising up.
Now, I have to note that this problem comes from the polish Physics Olympiad for high schools, but the stage at which this problem was posed has already ended and the Olympiad Comitee has released the official answers. Their answer to this question is as follows: the ball will descend or sink due to the average density of water with bubbles being lower than the density of pure water.
For me, this answer seems to be too straightforward; it's something most people would think when first introduced to the problem. But, if we remember that the buoyant force is a result of the pressure difference and that the pressure inside an air bubble has to equal the pressure of the water outside (if the outside pressure was higher, the bubble would shrink until the inside pressure would equal the outside pressure), we can conclude that the presence of air bubbles shouldn't change the buoyant force acting on the ball. I would even say that the rising air in form of bubbles upon contact with the ball has to decelerate, which would push the ball upwards and result in a constant upward force, so the ball would even ascend a little. But still, even if we omit this effect, I think the answer should be that the ball stays still. What do you think?