When I started seriously pursuing fly fishing, I wanted to look serious. So I got a vest. It looks cool (and dare I say stereotypical). I found that I got it wet cuz it hung too low. It was hot and I didn't have enough gear to warrant using it. It does have advantages....like sticking fish in the pockets!
I have a chest pack that I use troutin' down in TN and warmwater fishing for bluegill and bass back home. I've also found the pack can be awkward fitting and still too hot when it gets warmer. However it has become my main "tacklebox" now adays.
A fanny pack is great. Just enough room, out of the way, and not hot or incumbering (is that a word?). I modified a fanny pack to hang either chest high or waist high. It's kinda neat, but defineatly "rigged"!