Please read the Nall Report (Report—Accident Trends and Factors) before listing rumour, urban legend, blanket one size fits all statements and just plain guessing (unless identifed as such.) Some of the responses are just bizarre.

http://www.aopa.org/asf/publications/nall.html

To the OP - small aircraft cockpits are small. Wearing add'l equipment is problematic not the least of which you will bake in the heat, especially while taxing on the ground. Be aware restriction of movement is a concern. And in the unlikely event I have to quickly exit the aircraft a lot of the suggested equipment will impede that ability. I do carry Nomex gloves in the very unlikely event of an in-cabin fire.

A pre-flight passenger briefing is required before every flight by the pilot. Just like the airlines, we follow the exact same reg. At a minimum, it should include how to use the safety equipment, what is available, how to exit the aircraft, where to meet, what is expected of the pilot/passenger during an emergency, etc.

The vast majority of emergencies can be handled in a safe, prompt manner with the proper knowledge and training. Trust me -- I want to go home for dinner every night. My risk management (training, experience, common sense) has made it a safe proposition for me to fly small aircraft.

And finally aviation is like any other endeavour. You have bad automobile drivers, bad doctors, bad lawyers and bad pilots. The system can never be perfect.