Russ.
I have no intentions of just floating there, as AKSAR pointed out the water is no place to be. Unless theres a plane on our tail signaling isn't a top priority IMHO. My priorities are egress and once on the surface getting myself and any other survivors to the nearest shore where I can tend to serious injuries and get a fire going to help stave off hypothermia. Not just float about looking for a plane. There'll be time to signal when we're safe.
You mentioned flare, but I've heard a high number of them do not fire in the field. I carry skyblazers but don't count on them.
It has been suggested to me that a military flight suit can hold a lot of gear with all those pockets. Any one have any ideas on this?