Old threads never die. They just get regurgitated....I mean resurrected!

But since Mr. teacher brought it up, I will add that the absolute first priority of an "overboard vest" (AKA PFD) is to keep one afloat when one goes overboard. If the vest doesn't do that, nothing else in the pockets matters. Some considerations:

Most vests sold in the US ("Type III") only have about 16 pounds of floatation. More floatation is usually better, especially in rough water. Every pound of survival gear you add reduces your effective floatation. I once talked with a park ranger, who found out that when wearing his duty belt, radio, handgun, etc, some life vests were inadequate to keep him afloat.

Stuff carried on the outside of a vest, or even big stuffed pockets on the vest, can make it challenging to get back into a boat or raft. I once took an unplanned swim on a whitewater rafting trip. Even with help from those in the raft, it was difficult to get back aboard. And that was while wearing a plain PFD with no pockets or external gear.

Bottom line: The first priority of life vest is to keep you afloat. Carrying some survival gear is OK, as long as it doesn't interfere with that.