those dials on co2 tanks only measure pressure. co2 is stored in the tank as a liquid that phases to gas as the pressure drops (you use the gas in the tank.)
pressure at room temp is about 750 psi or so and will remain at 750 psi until all the liquid is gone. once the liquid is gone you only have tank pressure left which will go down pretty quick on a small tank.
co2 is also has a temperature co-effcient. the colder it is the less pressure. so if you store your tank in kegerator, the pressure will be less. this will not effect how much liquid is used though. also, using co2 from the tank requires heat to turn the liquid to gas, so that will chill the tank as well and result in a pressure drop.
moral of the story, those gauges DO NOT measure how much co2 is left, only the pressure in the tank. The pressure in the tank is directly related to how warm it is and how much liquid is being turned to gas.