I bought 2 of these jackets for my twin 5 year old daughters and I really like them. I used to be a swim instructor and loathed the PFDs the facility provided for the boating safety unit, poor fit, poor quality, etc. The Nemo Jacket is an entirely different experience.
These are good quality, built as well as an adult PFD. Having strap adjustments on the side, rather than just in the front, make these jackets easily to fit to your child. To further customize the fit, the sides are like "wings" that wrap around the child's back, and the back is short. This allows the wings to wrap around and actually meet on a smaller child with out the back interfering. Finally, the buckles clip solidly are easy to operate. The girls can put them on and take them off themselves, a nice thing when you have to get 3 kids and yourself ready. I don't think a younger child would have the finger strength to release the buckle, which is probably a good thing, but if they are old enough to unbuckle it, they should be able to understand when and when not to remove the life vest.
I really cannot find anything wrong with it other than the price. But my daughters are small and will be wearing these for a while, so I made the investment.