i did Seattle Danskin in my $105 wetsuit without sleeves. I was fine and dandy for my open-water training in Lake Washington, the lake the race is in (began swimming in May). My friend did the training and the race without any wetsuit at all.
During Danskin itself I was quite warm. I like that my arms were free and didn't mind that the lower neck of my wetsuit (kayaking suit) scooped a little water. It was a worthwhile trade off to me not to have anything around my neck.
Try out some suits. I had an idea of the types of suits I like from scuba diving and kayaking and wearing wetsuits for shore work.
Mine is not the most efficient racing suit in the world, but it makes me happy, and that's all I really care about.
It's like bikes, try lots!
"If Americans want to live the American Dream, they should go to Denmark." - Richard Wilkinson