I recall someone saying or writing that the airplane is disposable, the pilot and crew are not. A ditching (water "landing") in a retractable gear airplane is usually survivable; however, the seat cushion would no longer be available to me for flotation, having been consumed bit by bit as the engine did its periodic best to frighten me to death. Flotation available or not, I'd head for the water.
Cheers,
Grog