I bought an inexpensive ($24) SMB 6' open bottom. My initial reaction is to return it its huge when rolled and I'm not sure sure about the open bottom. I assume you flow your reg or oct to air it up but will practice in the pool to check it out. The few times I have seen one deployed it was smaller and had a blow up valve. Some post on the board suggested a 6' but where do stow something half the size of a football.
a22shady has picture of a similar SMB in the thread "what to do with flashlight" wonder where he carries it?
I would strongly suggest against using an open bottom one. The basic design should have:
1. A duck bill valve at the bottom.
2. An overpressure valve.
After that, a manual inflate valve is nice, and so is some sort of built in strapping to keep it compressed and be able to attach it to you easily.
I have... let me think.. well, a lot of them. The smallest is around 4 ft, the biggest over 7 ft. I use whatever size is appropriate for the conditions.
Smaller ones I hold in a mesh pouch that fits at the bottom/back of my BP/W. Larger ones are attached to the left side waist d-ring.
The bigger one is, the more skill one needs to deploy one, and knowing how to safely deploy one becomes more important.
I carry a spool on the other side if I don't plan to deploy it, but if diving where every dive it is deployed, then use a reel.
If you are only going to have one, then would suggest that it be around 5 ft long, with strapping and a clip built into it.
Whatever size you use, please make sure to practice using it.