Realize this is an old thread, but I've been researching this topic in depth as I'm purchasing a new-to-me 330 Express, and am planning to get a life raft. (I'm upgrading from a slightly smaller boat and have about 10 years on the water with many offshore fishing trips)
I think the 3rd point that Ocnsir made is extremely important and often overlooked by most small craft boaters when selecting a life raft or Category I EPIRB (auto-deploying). As Ocnsir points out, our boats have basic flotation so they will not sink even if completely full of water. They will, however, likely capsize. The hydrostatic mechanism for both life rafts and Cat I EPIRBS is designed to release at a depth between 1.5 - 4 meters, or 5-13 feet. So a life raft on the hard top *might* release if the boat is capsized, but it might not. If the canister is mounted on the bow, the chances of it deploying are probably less, as capsized boats tend to float bow-high. The point is that the the mechanism *must* activate when it's below 13 feet to meet SOLAS and USCG standards.
Check out the pictures of capsized boats in this article on Boattest:
http://www.boattest.com/view-news/3228_ ... -angry-sea
And here's a detailed description of a typical hydrostatic release mechanism:
http://www.cmhammar.com/products/onboar ... las-model/
Cat I EPIRBS have the same release requirements (and presumably very similar mechanisms), but on most small boats (i.e. under 50 ft) that I've seen these mounted on, they are in the cockpit and even less likely to release if capsized, as they will be closer to the surface than the hard top. The bottom line is that automatically deploying life rafts and EPIRBs are meant to be released when the boat is actually sinking, so if your boat has basic floatation and is small enough that the mounting location of the device will not definitely be under 13 feet of water, it may not deploy if you merely fill with water and capsize.
So my conclusion for my 330 Express that it's worth mounting a Cat I EPIRB to the hard top (or tower in my case since I am probably going to add a 1/2 tower), but only as a secondary, *backup* device. I will continue to carry a Cat II, manual deploy EPIRB, in my ditch bag. I'm going to get a valise life raft (probably the Revere Coastal Commander) and keep that and my ditch bag handy. Not exactly sure of the best location to stow these as I don't have the boat yet, but I might try to strap the life raft to the underside of the hard top with some quick-release tie downs. Seems to me that if you need your life raft, you probably need it in a hurry, so having right above your head isn't a bad spot. I'm not at all worried about the added weight as the 330's hard top is super beefy.
Sorry for the long-winded post, but thought I'd share what I learned.
Joe