About the same as Henning's, but he knows the terminology for rafts better. If it's a short over-water stint, I don't bother with anything. When I do the Gulf crossings between New Orleans and Mexico where there's a very long over-water stint, I bring a raft along.
For the trips to Newfoundland, it's a bit different. Although we have a 150 nm stretch of the trip (roughly) that goes over water, we're never more than about 50 nm from land, which isn't far at all. And if you go down in the North Atlantic, you're pretty much dead anyway, unless you have a very sophisticated survival suit, which we don't have. So if I have a raft handy, I bring it. If I don't, I don't worry about it much.
A friend of mine with an SR22 Turbo claims the BRS makes flying over water in his single as safe as in my twin. He can say that all he wants while he sits in the life raft and I'm happily flying along with one prop feathered and the other spinning towards land.
Survival suits are ~$400, If you get one, get the one with the three finger mittens instead of the 5 finger gloves which are tough to get into.