Having BTDT in an abandon ship situation, I have to side with Matt on this one – one size fits all means it won’t fit anyone well, and there are few things more painful or awkward in the water than a lifejacket that is either 1) Floating up around your ears, or 2) Cutting off all circulation below your hips.
From a practical standpoint, I have issues with the BULK of something like that, especially on a sailboat, where there are lots and lots and lots of things to get hung up on, snag, get tangled with, etc. All in all I think the concept is nice, but I question the real utility of toting all of that stuff around when you are on deck (no where does it say how much this thing weighs) and also the effectiveness of trying to meet all of the myriad of USCG requirements with one single item.