UPDATE:
Yesterday I rode with this vest for the first time. I did not get the high neck version, but rather the V-neck version as described on the webpage. I have to admit I was a little disappointed, but it did fit the description. The photo shows the high neck version with two pockets.
As directed, I soaked it for several minutes in cold water and rung it out a little. It did not "drip" as I put it on, but it was heavy with water. The day was 28-30 degrees C or 82-85 F. The humidity seemed fairly low, and is listed at 55 %, so not the worst conditions for the test, nor the best. (the weather online
https://www.timeanddate.com/weather/canada/chatham-kent/historic).
I felt cooler for certain. I rode for three hours and the vest remained damp the whole time and providing cooling. I wore it under my Olympia vented jacket, as well as by itself, without the jacket. At a stop is when it had the greatest effect at these temperatures. With the jacket on I heat up quickly, but with the vest on, I did not. I have ridden in 34-38 degree C heat (high 80's to low 90's F) just this year in early July. There is no reprieve from the heat at that temperature, even when going 70 MPH. I believe it would help more at those temperatures. There is none of that in my forecast for the next couple weeks, so it might be next year before I get the chance to really test it again.
I do think it began to provide a little less cooling near the end of the three hours, but still clearly had at least several more hours to go. They claim up to 10 hours. I'm unlikely to ride that long, at least not very often, but I think 6-8 hours of cooling seems likely. A quick refresh of the vest with a bottle of water spilled in at the top would easily extend it's ability. The top was the part getting dry at three hours. My blue jeans, at the belt line, at the back, got wet from contact with the vest. My wicking shirt (under armour) did not seem wet, even when I first put on the vest.
I'm happy with it and look forward to using on hot days, for me that would be 27 C (80 F) and up. I think it was a well spent $ 50 CDN.