I'm a bit confused and irked by people talking about what "they" should have done.
First of all let's talk about "he" instead of "they". The pilot would make the decision to land or ditch, possibly aided by his commander if he was in radio contact with his base. The crew of the plane would have nothing to do with it. There is no "they". "They" are passengers.
Also, don't you think HE would have some clear standing orders on how to handle that situation, if a choice between preservation of life and preservation of security had to be made? I have heard comments on this board and AGW from people who have piloted and flown aboard this kind of aircraft, and they have indicated that keeping people alive would be the first priority.
Remember that landing an airplane in the ocean is not like video games. The airplane is likely to be damaged in the landing, and it will sink like a stone, giving the crew little time to escape. Even if they get out, they still have to survive in the water, and be located and rescued, and neither of those things are certain.
So it seems perverse when I see people in the media and in here talking about how "they" should have made a decision to ditch and give up their lives to save some fancy radios, when the decision was most likely likely predetermined by USN policy and made by one person, and we're sitting here at home in our comfy computer chairs.