So, based on that it may not be acceptable to use during sanctioned regattas?
It's not acceptable to use where USCG approved life jackets are required, period. If DNR stops you on a lake and decides to look at the fine details, you will not meet the letter of the law with this product because it is not Coast Guard Approved. That said, the CG approval process is fraught with seemingly ridiculous expense and delay. If you change very simple things on a product, it has to get approved again at a high cost. Several of the products many of us use do not meet this requirement and the list is growing while the USCG approval process remains so complicated.
I like the product idea....I'm also in need of a new Harness and the buoyancy aid that I currently wear is also not USCG approved (but I do feel that it serves my safety need very well)...I might give it a shot. However, I've participated in two previous kickstarter campaigns (unrelated to this one) and both were a complete disappointment. I'm going to have to stew on it for a little while and research the people/company "blood red" behind it a little.
edit; The exchange rate is NOT working in the US's favor against the GBP for this product at the moment, though.