As is most situations in life, there are tradeoffs, and one must balance competing priorities.
As I said above, floatation is critical. In a whitewater river, or other rough water, higher floatation is good. In waves, you can drown even if the vest keeps you afloat, when every time you try to get a breath you get hit in the face with a wave. A little more floatation, which keeps your face a few inches higher above the water can be crucial. It also makes you easier to be seen and be rescued.
On the other hand, too much floatation can make it more difficult to swim. Some of the "Mae West" type inflatable PFDs have as much as 35 pounds of floatation. Great to help you breathe and be spotted, but this can make it very hard to swim. With some of those vests, the only practical way to swim is by doing a sort of back stroke. And the big air bladders can make it tough to climb into a boat.
If you are in a remote area, and manage to make it to shore, having some survival gear is obviously good. On the other hand, too much gear on your vest can reduce your effective floatation, get you tangled, caught on strainers and sweepers, and can get in the way when trying to get back into a boat.
In the incident I mentioned upthread, the whitewater river we were rafting was right next to a busy road. So there was little point in carrying lots of survival stuff. The priority was staying afloat and getting back in the raft. We clients were wearing high floatation commercial Type V vests with collars designed to turn you upright. No pockets or external gear to get in the way. The river guides all wore low profile vests with lower floatation, but which allow more freedom of movement. But guides are generally young, very fit, strong swimmers, who have had training swimming in whitewater.
Thus one looks for the best compromise for a given situation. What is appropriate for a client on a guided whitewater trip near a road might not be ideal for a flatwater canoe trip in a remote area, and neither would be ideal for an offshore trip on a sailboat. Different situations require different priorities. But if you drown, nothing else matters.
For info on types of PFDs, see
ABCs of PFDsFor examples of various types see
Life Jacket Styles.
For a former USCG rescue swimmer's take on gear for offshore in big water, see
Pockets For a Reason