I wonder about the A200 exhausting system as well. Stern exhaust instead of aloft exhaust makes me think if maintenance issues (you can crane large bits of equipment in or out of the engine spaces through the stack) and safety issues (hot exhaust at water level while doing basin trials or needing a tug astern). Also lower stack feels less safe in high seas (water ingress when getting pooped!)
Advantages are more deck space for sensors and weapons and a better Citadel configuration.
Might be better for a corvette sized ship as the extra speed and noise reduction from pumpjet would actually be higher impact.
Underwater exhausts are very popular with small civilian boats where the alternative is a stern exhaust. Underwater systems reduce noise and remove exhaust gasses from where people are located (in the cabin or deck area), and they are really good at it. For anybody who has sat at the stern of a fishing boat with an inboard motor and stern exhaust, it can ruin the experience.
Note that underwater exhausts work on an eductor principle, and need running water to draw out the exhaust. They therefore only work at speed, and typically have a side above water exhaust for slow speed, or in harbour. There is usuallly a flapper valve that keeps the system from backflooding.
For a military vessel, an under water exhaust reduces the IR signature, so it improves protection from airbourne threats. Mind you modern anti ship missiles can still pick up on the heat signature of the rest of the ship, so the benefit is minimal. Some missiles are also optical, as well as IR, further negating this approach.
The underwater exhaust however pumps a lot of noise energy into the water. They are typically unmuffled. While they might be quiet above water, they are not below. As such they are not a good option for a ship configured for anti submarine warfare.
From a damage control point of view, they are another hole below the waterline, and another way for water to get into the engine space.
The concept might work for a small vessel configured for primarily anti air or ship warfare that needs to zoom around in shallow waters.There are very few large military vessels that have this system.