I’m just about to make the switch to a BP/W (or possibly other Back Inflate BCD), but now I’m thinking that a traditional vest BCD is probably better for buoyancy.
You say you're talking about buoyancy...
Let’s agree that much of the time, you want to be in a true horizontal position. When in that position, any air in a vest-style BCD will be in the back part of the BCD anyway (unless the BCD is close to fully inflated) and will help to keep you horizontal, just as in a BP/W or back inflate BCD.
But when I’m diving a wall or pinnacle, I often want to be facing the view, either by swimming somewhat on my side (rather than flat towards the bottom) or floating along the wall at a heads up angle, rather than just keeping my head turned. Likewise, if I’m scanning around for things in the blue, it seems more comfortable to be either be sidewise or more vertical, rather than doing everything with my neck.
With a vest-style BCD, when you roll sidewise, some of the air goes to your top side, helping to keep that position. A BP/W would tend to want to roll you back to horizontal position. When angled up, a Vest style BCD may give you a little air on your front to diminish the effect of being somewhat pivoted back down by air that was just on your back.
There are also times when you want to be even more vertical, such as while waiting for a boat on a choppy surface or when going upside down to look under a low ledge with even less chance of churning the bottom, For these, a vest will make things a little easier than resisting the pivot from having all the air on your back.
I’m fully onboard with the other benefits of a BP/W, such as the ability to mix/match or replace individual components, switch out wing sizes, the use of a steel plate as a substitute for other weighting (when travelling with it isn’t an issue), reduced amounts of materials in the shell, etc.
I’ve just been thinking that a) the ability for some air to move towards your sides and front when you have chosen not be horizontal is actually an advantage of the old-fashioned BCD and not a disadvantage and b) that (assuming weighting is similar) when you are horizontal, an old-fashioned BCD’s buoyancy isn’t making it harder to stay horizontal.
Quite happy to be convinced otherwise.
... but then all you talk about is trim.
None of them are better or worse for buoyancy - EXCEPT that different BCDs (a term which encompasses BP/Ws) are easier/harder to vent gas from. A BCD with an air cell that is way bigger than what is needed can make it harder to get all the air out of when you, for example, are at the end of a dive, with a nearly empty tank, and want to be able to hold your safety stop. With a BCD like that, people will often end up over-weighted because they think they need it, because they don't realize they are simply not getting all the air out of their BCD.
BP/W are *usually* better/easier for getting all the air out, simply because they are typically a smaller volume air cell and because the design lends itself to not trapping air inside.
All that said, all your discussion of holding different orientations is nothing to do with buoyancy. It is trim. Trim *is* your orientation in the water.
Is a jacket better for maintaining "non-standard" trim positions, e.g. being on your side? TBH, I don't know. I suppose it could be. For being vertical - head up or head down - a BP/W works perfectly fine when under water. When on the surface, I would say yes, a jacket will make it easier to be vertical with your head high out of the water. However, a BP/W works just fine for many, many people (including myself) for floating on the surface and keeping one's head up out of the water. Maybe not as high out of the water as with a jacket, but is that really especially useful?
For laying on your side, I don't have any trouble holding that when diving a BP/W with a single tank. When I dive double steels, laying my side does require a bit of finning in kind of a corkscrew motion to keep my tanks from just rolling me on my back. But, it doesn't bother me in the least.
In the end, the many advantages of a BP/W outweigh (for ME, anyway) the possible advantages that a jacket offers in holding my head higher out of the water at the surface and (maybe) being easier to stay in a side-laying trim position.