I wear mine under. I've found that the hood and the neck of the vest help to form a kind of seal that the wetsuit itself doesn't have, so I get much less water movement through the neck opening of the suit.
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I wear mine under a wesuit & over skins when I wear skins only(in warmer water)......here's a good one to think about for just 'cooler' water---click link......EVO EVO Unisex 2mm Hooded Vest
That vest is exactly the one I was looking at. I will be getting one next time I'm at Divers Direct.
Thanks for all of the input.