I would like to add some observations on this thread from the perspective of the Search and Rescue Aircrew. As I am in Florida, and my agency covers the Skyway bridge (favorite jumping spot for suicidal types)and all of the bay, we do a lot of over water searches.
The signal mirrors are a great device if you have the right one. In calm water the mirror can be seen for miles as well as easily aimed at the aircrew. Once you spot us, keep flashing it at us until were right on top of you, dont' bother with SOS or anything else. Were moving somewhere between 60-80 knots and chances are your not going to hit me with every flash, so just keep flashing it as much as you can.
If the water is choppy, the mirrors are all but useless. Every wave produces a flash of sunlight almost identical to the mirror, so each second I get hit with hundreds if not thousands of tiny flashes of light. In those instances a colored device such as the laser or some form of SMB or flare would prove much better.
As for how those devices can be seen from the air, we run our search patterns at 500 to 600 feet and if your waving a 4 foot tall piece of day glo orange marker, I'll spot it pretty easily. Dye markers also work well since we are flying low. Won't work as well if it's a c-130 looking for you from 5000 ft, but they will work to some degree, especially in calm waters.
If at night, use your dive light and SMB as mentioned above, when we get close, just shine your light right at us and move it around like the signal mirror until were close. Also strobes are great as we can see them for over 50 miles.
By far the best device you can carry with you is the EPIRB. We each carry one along with the ICOM waterproof VHF radio. With the new becons we simply fly to the GPS coordinates and start looking, and since it usually puts us within 25 feet of you, it's not much of a task at that point.
Just my two cents worth.
Chris