2 schools of thought.
1-get a lightweight compact vest gets you legal that can be stuffed in a pack or pocket. Simple and only for the orange hunter requirements. Cabelas has one for $4.88 that stuffs into it's own pouch. The item # is IK-934109
2-get a vest that is reversible or has pockets or can be used as layering vest when you don't need the orange as much. One that can serve double duty.
I have an ll bean fleece vest that is quiet and is a good layering piece.
I use one of the cheap featureless ones as described already from Midway USA. It is far from the ultimate orange hunting vest but it makes me legal and adds zero bulk. Cabelas has some nice looking ones that are thicker with pockets. This one is on sale at %55 percent off.
I like the lightweight mesh version like orange aglow but I only pay about $5 for mine. I just look around stores until I find one that is soft and pliable. These don't change the performance of my clothing at all. Often in rifle season for me the weather is wet and having a lightweight fast drying vest over a heavy fleece or other heavy fabric seems to work well. I keep one strapped to the back of my pack and another in the side pocket that I pull out just before daylight when I adjust my layers after hiking in and I'm ready to change to hunting speed.
Years ago, I followed my dad and had a custom hunting vest made by the now closed WICK Outdoor Works. Pocket layout, etc. all to my specifications. It's pretty cool, but bulky and heavy. When I'm not hunting near the truck I just like a lightweight (but not mesh) nylon or poly vest. The reason I'm not a fan of the mesh is the holes with a dark color behind them, mute the blaze orange a bit, which I don't want personally. For small game and birds I still prefer a duck style coat.
I have yet to find one to fit the bill, I'm not sure it exists. I have a Cabela's one made of fleece that is heavy and bulky and was only used once, I have a UA that comes close as far as lightweight but it doesn't breathe worth a darn therefore it gets little use and finally I have one of the disposable types referenced above which gets used most. It's breathes great and I don't have to worry about dressing around it.
[soapbox]The bottom line is that I abhor being told I have to wear orange. I'm of the belief that I don't need big brother looking out for me while I'm hunting, it should be an adult hunter's choice to do so or not.[/soapbox]
I had a Kryptek Inferno vest, good piece but too heavy to justify packing in.
I got a few Orange Aglow vests last year as well as their cargo panels, incredibly lightweight. Despite being mesh I haven't had any issue with them catching on brush or getting damaged. I did go with my normal clothing size (M) in order to keep it tight though.
The panels are a real winner, you can see them a mile away in the daylight. At night, the reflective strips light up like the sun when you hit them with light, they're awesome.
Highly recommend, especially for the price/weight.