The boots we wore during Artic training in Alaska were of a type that could be partially inflated to provide dead-airspace insulation. The "Mickey Mouse" boots were warm down, but you had to change your socks two or three times a day if you wanted dry feet - they held in all your sweat. I can see the same problem with the inflatable vest - warm but a massive moisture barrier with little to no venting. Wouldn't want to be wearing it and doing anything resembling manual labor.
The US military "Mickey Mouse" boots with the air valve on the side are designed to never open the valve unless in an aircraft. Primarily for a change in pressure. It is recommended that you so not open the valve and certainly do not inflate the boot. The reason is by blowing breath into the boot insulation you introduce moisture which freezes and compromises the insulation. This info comes from the tag on the boot and from the Cold Weather Operations manual. Just a FYI.
I would expect the same results using the air vest, in the right cold conditions you could have a vest of air and ice crystals.