I have always liked the west marine brand vests. Not their cheapo ones the deluxe i think they call it. The neoprene are great and very comfortable, but they take longer to dry. If they are tubing, wake-boarding, etc neoprene is way more comfortable. Check out their website.
I agree with all of you. The neoprene West Marine vests are not cheap, but I don't care when it comes to the safety and comfort of my kids. They wear them a lot so $60 each isn't bad in my opinion. They last for years too.