I wanted to mention that I agree with ThirtyEcho on how the CAPS parachute probably won't be of any use regarding certain common causes of light GA accidents such as low-altitude stall/spins (especially while turning in the pattern) or continued flight into IMC by non-instrument rated pilots.
My reasons are based on the fact that a CAPS parachute deployment has a minumum demonstrated altitude loss from a one turn spin of 920 feet. So if a pilot stalls and begins to spin while making a turn in the pattern which usually has a standard altitude of 1,000 feet AGL, by the time an average pilot realizes that he's in trouble and can't recover and decides to launch the chute...he'll be much to low for it to fully open.
Also, the maximum certified CAPS deployment speed is only 135 knots indicated. So if a pilot who's flying along in instrument conditions starts suffering from spatial disorientation, losses control, enters a spiral dive, and decides to deploy the CAPS because he's noticed that his wings are gone after passing the aircraft's redline airspeed (the Cirrus SR22 has a cruising speed of 180 knots, the redline is obviously higher), the parachute will only fail or rip off.
The Cirrus SR20 (max gross weight - 2,900 pds) and SR22 (max gross weight - 3,400 pds) have parachutes that weigh the same. However, the SR22's parachute has beefier Kevlar attachments and beefier parachute materal in selected spots to make it stronger. The CAPS info above is based on the lighter SR20.
I do believe that any pilot would be very happy to have the last option of using a whole airplane recovery parachute after experiencing a deadly mid-air collision which apparently is why the CAPS system was designed.