There probably is a place for a vest, but I agree that it's pretty low-down on a list. I grew up near LA and as a kid I was enamored with having a surplus flak-vest ... never got one, but that should tell you about the TV news coverage at the time.

Having now lived through Philadelphia, Detroit, and Afghanistan, I can tell you that I've never needed a vest. Sure, mandated to wear, but fortunately didn't use.

while most vests have a 5-year life, I'm sure they last longer if seldom worn. It's the moisture and repeated impacts that affect them - maybe UV too, but I assume most folks wear something over them.

that being said, when you need one, you really NEED it!