My "Ask RSD" column of the Jan/Feb 2000 issue of "Rodale's Scuba Diving" magazine carried the following:
" ...
Pros: (1) Float the diver in a more hydrodynamic position underwater; horizontal with head just slightly higher than feet; (2) Can offer far greater lift capacity, a decided plus for divers who wear lots of weight to submerge, or use large, multiple or heavy cylinders; (3) Many have interchangeable air cells so that you can alter lift capacity to meet changing dive situations; (4) Eliminate the chest squeeze which some find uncomfortable and which can contribute to diver panic; (5) Clear the chest area allowing freer movement and easier access to gear; (6) More often offer a weight integration option with those attendant advantages when used correctly; and (7) Tend to better fit larger physiques and those of unusual proportion.
Cons: (1) Tend to force the face into the water when floating on the surface; (2) Tend to be heavier and have hard pack cylinder mounting plates, making carrying and packing more difficult; (3) Can be a little more difficult to vent; (4) Absence of appreciable chest squeeze can make achieving neutral buoyancy a little more difficult, especially initially; and (4) Can cost from somewhat less to a very great deal more.
Of the cons, having one's head pushed toward the water while on surface understandably causes the most distress to divers, especially those who have not tried or had much experience with back inflated BCs. There are actually a number of ways of dealing with this, possibly the simplest being not overinflating the BC and flipping over and swimming on one's back when on the surface. This has the additional advantage of providing a better field of view and placing the fins in a more effective kicking position. One can also add weights to the rear pockets, cylinder, ankles and other locations, as well as make certain adjustments to the ride of the BC, to compensate for this forward push.
...
The BC is a very important piece of gear, and a good one is a substantial investment. After carefully determining your needs and desires, you should research available models to see which best fit your situation, and then actually try out as many as possible."
DocVikingo