I agree with the two above posts. Carotid bodies and aortic bodies do sense PO2 levels, but most of the control lies in C02.
As for the O2 levels, Im not entirely sure about this next paragraph but i think it is correct. Though alveolar P02 will increase if youre breathing either reasonabily deep enough to increase alveolar ventillation, and PO2 arterial will increase, the total amount of oxygen carried by your blood is probably not that much higher, since hemoglobin carries most of the oxygen, and it's pretty much completely saturated at normal physiological conditions anyways. You will get a little more dissolve in blood though, since gas exchange is perfusion limited for most.
Hyperventilation can actually decrease the P02 in your brain also, since a decrease in C02 causes vasoconstriction in brain arterioles. which is why you faint.
Hope that helps!