Yes I did swim in the coat several times and it worked quite well in water temps in the 50s. Flotation was easily equal to the typical PFD, and mine was so rated. The coat was easily warmer since the model I used had a neoprene crotch strap, an item I would recommend. Worn with a neoprene wet suit bib, the coat was very warm.

Bottom line - for the application you are considering, I would far rather have a float coat than a PFD