The rips will definitely get it rejected by any ranger who inspects it at the put-in for a permitted run.
If you are seeing a lot of rescue PFDs on the runs you are doing then it is probably time to get one. Learn the basics of its operation and don't ever use it for tethering yourself to runaway boats and you'll be fine.
I like having the rescue vest. Number one most common use for me is for someone to clip onto my back while I lean waaaaaay out over something scary to do something dangerous