Even some of the really high dollar inflatable vests have been reported to have serious issues.
http://www.practical-sailor.com/blog/Report-Cites-Problems-with-Spinlock-Deckvests-11226-1.html
I wear a whitewater kayaking rescue type life jacket with a built in harness.
Not the one pictured but similar.
It has pockets big enough to store my gps, my flashlight, and a granola bar. I also have my Spyderco Enuff fixed blade, and my tiny handheld radio, and a strobe attached to the outside along with two tethers for moving around the deck. And the best part is nothing ever gets in the way or gets snagged as I move about the deck.
The whitewater life jackets keep you floating a bit higher in the water than the typical survival life jackets and are cut for ease of movement, way better even than a ski vest, but they won't roll you over or keep your head above water if you are unconscious, although in 35 years I have never been knocked out so Im not too worried about that one. They also must be worn in order to be approved as far as the coast guard is concerned. I keep a few of the $8 crappy ones in the locker just to appease the coast guard as well.
I agree with the video, as a kayaker, rafter and all around professional river bum I spent a lot of time over the years floating in all kinds of life jackets, sometimes for an hour or more just for fun, and I can say I would chose my life jacket for a serious job over any other I have tried in most cases. If I had to jump overboard to climb into a life raft or for helicopter rescue its not so bulky to cause problems, I know because I have climbed into a river raft hundreds of times over the years with many kinds of life jacket on and it would be a real problem with a big inflatable bubble between you and the raft. The only time a bulkier vest would be better in my opinion is if you had to be in the water long enough you might fall asleep. (not an issue in the cold Oregon water though)
If I were to chose between a life jacket and a harness I would take the harness, because I can swim a lot longer than I can resist the effects of the cold, and falling overboard is a bigger risk than my boat sinking.