This appears to be an improved version of the SWITLIK MOM 8 MAN OVERBOARD MODULE or the SOS DAN BUOY MAN-OVERBOARD MARKER - GEN 3. The latter has the advantage of a water activated strobe, and a drogue to stop drift. These are mandated to be aboard for most ocean races. Perhaps this will also join these as an option.
It used to be that you needed to carry 15' fiberglass poles with a flag on top, and a horseshoe type of live ring. (The flags were in PVC pipe seized to the backstays of racing sailboats, and were to be thrown overboard immediately and then one in a about 30 seconds to a minute to allow the boat to back track to the MOB. There also had to be a floating strobe light attached.
Adding a strobe light to the device mentione in the link would help. Not sure how much floatation there is, and if it is certified as a class 3 PFD.
My objection is that it has to be in a separate back pack--which might make it less likely to be worn--and perhaps snagged on a line etc.--If they could pack it in an inflatable PFD that would help.