If the post-synaptic cell is a sensory neuron, then an increased firing rate in that neuron will transmit the signal to the central nervous system for integration.  Whereas, if the post-synaptic cell is a connective pillar cell or a vascular smooth muscle cell, then the serotonin will cause vasoconstriction and previously unused lamellae will be recruited through recruitment of more capillary beds, and the total surface area for gas exchange per lamella will be increased.
In fish, the hypoxic signal is carried up to the brain for processing by the glossopharyngeal (cranial nerve IX) and vagus (cranial nerve X) nerves. The first branchial arch is innervated by the glossopharyngeal nerve (cranial nerve IX); however all four arches are innervated by the vagus nerve (cranial nerve X).  Both the glossopharyngeal and vagus nerves carry sensory nerve fibres into the brain and central nervous system.