As a captain who has to find divers away from the boat, I heartily recommend the SMB in safety green. Orange is a good alternate.
Actually, Orange is not a good alternative and I'll tell you why.
For someone who can see colour, orange shows up just fine against a wide range of backgrounds.
But not everyone can see colour.
Case in point (saw this coming, didn' you).... me
I have protanopia. Basically either my eyes are physically unable to register reds (ie. no cones) or my brain can't interpret the signals. In either case, reds are by far the *dimmest* colours in my world. Red traffic lights sometimes look turned off to me. It's that bad.
So an Orange DSMB on a dark blue background will be hard for me to see and if the sun is low, causing a lot of red ambient light, then you can totally forget it. You could be invisible to me at as little as 200 metres away.
The fluorescent green ones, however.... Beacons! When I golf I use the green balls and they show up like stars in the heavens even on the green grass. A red ball on green grass would be invisible to me even if I were more or less standing on it.
So yeah. I know colour blindness isn't that common but it's one in seven. That means that if you're using an Orange DSMB that something like 14% of the people who might be looking for you proably can't see it.
My 2c
R..