Bit late to it, sorry
Really like this shot Jediboy, and I think the colour in the lifebelt is special, especially considering the line from the embankment leads the eye up towards the lifebelt itself, so I feel it is something that should be noticed rather then having it's colour taken out. The lifebelt to me, is a bit like when people do B&W photo's but leave a red pair of shoes or a read coat there standing out which I like.
I didn't have any issues with the horizon, and wonder if it's the line of the roofs that causes the effect.