I bought my first BCD this summer and I decided on a BP/W from
Vintage Double Hose. It looks like Bryan is having a hard time keeping things in stock this summer, and for good reason. As for why I chose it, based on pros and cons:
Pros:
Inexpensive - you can get more expensive if you do something like Halcyon, but my package from VDH was $300
Modular - I can add on or take off whatever I want (within reason - I should probably leave the harness, wing, plate and cam bands at a minimum)
Portable - I got an aluminum back plate and the plate, wing (23#), harness, QR cam bands, D-rings and buckles, weigh just over 6 lbs all together
Comfort - I never liked jackets because they would always ride up on me (I can't fill a cummerbund) and I don't like the jacket squeeze - the crotch strap and harness are more comfortable than you think, even if you think it looks really comfortable
Look cool - Just kidding, but you will get questions about it on a boat, especially with new divers
Cons:
Lack of integrated weight - I am a weirdo and prefer a weight belt, but this is a con for most people
Lack of pockets - I do wish I had a pocket some times, but I don't have enough room to add one to the belt
Look too cool? - People might think you're a better diver than you and put a lot of peer pressure on you to be awesome because you look so cool (Kidding, again)
A BCD is a pretty personal piece of equipment - I still rent a regulator but own a BCD because I want consistency there. What you like is based on what fits you and what feels comfortable, but I can say without hesitation that I absolutely love my BP/W.
I dive in both warm water (Cozumel) and cold water (midwest lakes) in this BP/W. 23# works for me anywhere because I only carry 11 lbs in 7 mm wet suit in fresh water, but it might be too small if you carry a lot of weight. Make sure you consider your wing size needs.