This is a helpful old thread. I wanted to add one more bit of, maybe, interesting observations.
Two weeks ago I ran a little experiment to understand how the size of the pumice particles in a soil mix impacted water retention. I expected that smaller sizes would mean more surface area and greater water retention.
I used 3 pint-sized nursery containers to hold an equivalent volume of pumice, one for each sifted size. On Day 1 I soaked in water for 4 hours to maximize the water content, then allowed to drain before weighing. Subsequent days the containers were outside in part-sun, with temps in the 70s/80s. On Day 8 and Day 10 I drenched briefly (no soak).
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I was a bit surprised at how long some amount of water was retained, even in these small containers, after 7 days.
But most surprisingly I saw no difference in water holding capacity and retention based on particle size. All 3 held the same amount of water and lost it at the same rate.