I owned some Rec-wings and ended up selling them. The were too convoluted for my tastes. The Trans-Pac II was a complete nightmare! I owned a Zeagle Ranger prior to the Trans-Pac/Rec wings and it was horrible. Both of them didn't offer any decent options. The ranger was worse w/ those big ass pockets that couldn't go anywhere!
(These are still better than ALL jacket BCs! I.e. recreational only.)
I got a SeaTec bladder/backplate that was decent, but only for a set of doubles. I saw pictures of myself diving with a taco on my back! (or is it a hotdog?)
Do yourself a favor and get the Halcyon wing (assuming single tank). It is incredibly streamlined and has minimal points of failure. If you do dive doubles, you have more decent choices. These include Dive Rite Classic, SeaTec, Abysmal Explorer, Halcyon, etc... After owning a Halcyon wing, I can say that it is very well built. It is what I would recommend.
Bungee wings are really not required for anything. They only present new challenges. I say this from experience, not b/c I read it on a webpage somewhere!
Cold water? 12-19 degrees C I presume since if I remember my oceanography course correctly, seawater freezes at ~ -2C=28F dependant on salinity/pressure. If you are diving in near freezing water, I think the only to worry about w/ any bc would be the inflator and dumps. You may have to tune the inflator down to prevent freezing and minimize the number of dumps in case they freeze open. If your temp range is 50F to 65F, you typically don't have to worry about anything (except freezing your butt off!).
If you do go with a wing, get a backplate! They can be found cheap and to me are much more comfortable than most traditional BCs.