Neoprene PFD's used for water skiing can be too heavy for comfortable and/or fast cat sailing.
One thing to keep in mind while selecting a sailing pfd...avoid anything with more than one or two belts/clips. These can easily snag on stuff and become dangerous on a sail boat. There are many good pfds now with only one or no clips/belts. Pockets to carry a few essentials is a nice to have, esp. if not racing. I also look for a way to secure my submersible handheld VHF radio.
Oh, for the neoprene skii\ jacket...you can always press it back into service if you try skiing behind your cat! Not a joke...this has been done before!