Camerone, the "extend arm and it retracts" idea only works if the sleeve of your undergarment is short, compared with your arms. Mine NEVER are, since diving undergarments are not designed for hobbits. And I absolutely disagree with you about it not being important to have an inner seal. Some dives can't be aborted quickly -- we have, for example, a shore diving site where you can easily be 30 minutes from dry land, and yeah, you can surface, but you're going to have a long, cold swim to shore. I had a glove leak (not a huge flood, just a substantial leak) once, where I hadn't taken good care to make sure both wrist seals were smooth (being in a hurry, and have a bit of your attitude toward leaks). It was a research dive I had agreed to do. The project was paying for my charter so I could help them collect data, and if I didn't dive, I would be letting them down. So when I got in the water and realized the glove was wet, I thought it was no big deal. At the end of the dive, when the water sloshed in my boot and I was starting to shiver, I had changed my mind. A cold, wet hand, even in water in the mid-40's, is uncomfortable and annoying. A sopping wet undergarment is a much bigger risk in seriously cold water.
People are free to make their own risk assessments in diving, but I've BEEN hypothermic, and it left quite an impression on me. I don't want to experience that again.