A BP/W is great for an OW rig or any type of diving. I bought my first one at Dive #21. I've used it every where from springs/caverns, Gulf diving, SoCal/MoCal Surf entries in the cold Pacific to Quarries in the Midwest. I've used tanks from HP80's to HP130's and exposure protection from rash guards to 7mm Farmer Johns, so there's plenty of versatility.
There's tons and tons of info and opinions on them as I'm sure you've read. To me, there's only two minor issues, both of which can be pretty easily overcome.
One, in a standard BP/W set-up, you don't have any pockets like a "normal" BC. So if you have a need for pockets to put "stuff", you will either need drysuit pockets, pockets glued on your wetsuit, X-shorts, or a thigh pocket like those by Oxycheq and Diver Rite. You can also get smaller pockets that thread on your waist strap.
Two is the weight belt. In most cases, you will either need a weight belt or some type of weight pockets that fit on your waist belt. Weight belts are relatively cheap and work well. You can have a long debate on wether to put them on under the BP/W harness or over them. Reasons for both. Pockets that fit on the waist strap are another option, drawbacks are they are relatively expensive ($60-100) and they take up room on your waist strap.
Depending on your individual situation, (buoyancy of yourself, exposure protection, tank, regs, BP/W, etc.), you can sometimes arrive at a combination for little or no added weight.
As far as the Transpac, several of my buddies have these and like them, I prefer the standard HOG rig. Especially if your weight is changing, since 2" webbing is cheap. It's also cheaper to start w/ the least expensive option, and if you don't like that, then get the fancy harness.
I'll give you my personal opinion on wings, even though you didn't ask
I like a narrower, longer doughnut style wing like a Oxycheq Mach V (my singles wing)as opposed to the shorter, wider style of the Halcyon and some others. It doesn't wrap around the sides of the tank quite as much and you can still have a good amount of lift (30-40 lbs) without sacrificing profile. No need to go to a minimalist 18# wing to get low profile.
The other good thing about BP/W is that they seem to retain their resale value better than a normal BC.
There's really no "bad" choices out there among the major brands of BP/W, but there are lots of choices and only you can ultimately decide what you like best.
Best of luck,
John
Folks...Thanks for the posts...
rstofer..I have been leaning going towards just getting the BP/W setup first as well and leaving it at that. Was not sure if I would like it as an open water rig thats why I was thinking about the Transpac W/ travel wing but I might be better off just going with the BP. At least I would have a wing and other accessories to use. how do folks like using these setups in open water?? One other note regarding me leaning towards these setups is my weight has been flucuating lately and I like the adjustability of these setups...hate to go with a jacket and get one to fit now and be too big (hopefully not to small) in a couple of months..and I can also work on my buoyancy and trim w/ a back inflate and not have to readjust after using a jacket style...
Thansk all for the info & keep it coming.