Cold water is a tricky mistress, as is the hypothermia which follows it. Having been through multiple first aid and rescue courses, as well as cold weather training, it amazes me how well our bodies can adapt to cold, and how our attempts to treat hypothermia can kill.
For example, those fishermen brought up in the beginning of the thread. I don't have the details, but it sounds a lot like a common problem - warming the extremities before the core. When you become hypothermic your body limits blood flow to your extremities, in an attempt to keep your core warm. However, rub or warm those extremities and you cause dilation of their blood vessels, and all that cold blood to floods back into your core.
Bam, you're done for.
Bryan