The chute on the Cirrus has once again proved it's worth. I don't know why people do not think it a great concept in a fantastic aircraft. The Cirrus seems to attract a certain amount of flak compared to other similar aircraft.
I flew the Cirrus for a while and loved having it at my disposal. It doesn't suit my type of flying anymore as I have gone right back to grass roots but I still consider it a great machine for the type of flying it is built for.
Regarding the weight and extra cost of the system, I could understand this argument if you were thinking of retro fitting a chute in a PA28 or something. The Cirrus however is built around this system and still gives good performance. It is what it is and comes with a chute. I f you are worried about the extra cost then you don't buy a SR20/SR22, simples. If you want the added safety then you do.
When I was doing my Cirrus conversion I had conversations with the instructors about where and when it would be a good idea to pull the handle. I am sure every pilot with this system at their disposal has their own set of circumstances in mind. It is not a quick fix get out of trouble system, it is likely to write off the aircraft and I don't know any Cirrus pilots that think of it that way.
In regards to this incident I would have made the same decision. . The Cirrus had one person on board, pulling the chute will give you time to try and sort out the raft and get the canopy cracked open so you can be out as soon as it hits the water. It will also give a clear indication from a distance that you are going down and alert any passing traffic to come to your assistance. There is also the issue of waves and swell. You do not want to end up straight under the water, especially with lots of fuel on board, much better to pancake onto the surface ready to jump out and grab the raft. Add to this the fact that the aircraft is very likely to not be recovered when ditching at sea, so writing it off is not a worry, I wouldn't hesitate but to pull the chute.
If it had been over ground with flat areas or even still water I would elect to land under control.