A buffer system typically consists of a weak acid and its conjugate base or a weak base and its conjugate acid. The discussion questions whether a buffer can involve O2- ions instead of H+ ions. It emphasizes the importance of the dissociation of H+ ions in traditional buffer systems, as they maintain pH stability. The examples provided, such as HSO4- to HSO3-, highlight the need for a weak acid or base pairing. Overall, the consensus is that a buffer system fundamentally relies on H+ dissociation for effective pH regulation.