At 39, i'm just about ready to retire my vest and move to a tackle bag/box/backpack. More often than not, I plop my vest on the shore and leave it there while I fish. I will occasionally keep it on and keep roe in the pocket of my raincoat if I have waded out to a spot that I don't dare abandon, but that is really rare. My vest weighs too much on my back and shoulders, even if I try to minimize the heavy things like extra pencil lead and lures. Things might be different if I was fishing alone, but I am normally with my 66 year old father who gave up on the vest a long time ago, and we tend to not be too crazy adventurous with hiking and wading, plus we normally have at least one extra rod with us (rather than leave it in the car to be stolen).
My dad has a Cabela's tackle bag that has multiple clear slim snap-lid boxes. I like this system because you can switch out the boxes you need for different fisheries, so you don't carry the kitchen sink with you all the time (the box with the pink jigs and spoons will be in there now but will come out later in the season). I've noticed tackle backpacks with the same box system, and I might be inclined toward something like that. If they could throw on a couple of mesh pockets where I can carry a few coho, I'd be sold!
Washability is another factor. I like that I can throw my vest in the washer and dryer (although it is work to make sure it is empty of all hooks, swivels, etc.). I haven't smelled my dad's tackle bag lately, but I would imagine it is getting ripe!