I think this was raised a while back, although I can't find the thread. If I remember correctly, something like only one or two planes out of however many that landed on water had not totally broken up in the last 10 years.
It's quite a sobering thought, esp with all those flights to the US than run every day over water.
I guess as they are designed to be in the air they aren't build with the protection to crash land. I expect it's not even possible to build a plane to survive a 500mph impact into water or onto the ground.
Maybe they can replace the life jackets with parachutes and everyone can jump out a few thousand feet up instead