I snorkeled at Silfra with Adventure Vikings. We met them in the parking lot. I have a lot of mixed feelings, so difficult to know whether or not to recommend it. I am a certified dry suit scuba diver (only because the certification doesn't expire even when you get old). I grew up with a severe fear of water and getting certified in my 30s was a way of facing this fear and a means to get me comfortable being with my young children in water. Because of my fear, I skipped/avoided activities in the past that I have some regret about.
When I saw this activity it seemed very cool! Snorkeling in glacial waters between two tectonic plates. I had experience being in a dry suit but it was 20 years ago. Signing up was really a chance for me to face some old fears again.
Now, about the experience. We met our dive guides at a van in the parking lot. They pick out your equipment for you. Dry suits are advisable, but they also offered thick wetsuits. I have never met a bad dive guide in my life. They are generally fun-loving on the surface, deeply responsible and serious on the inside, extremely patient and completely calm. You don your apparel at the van and take a short walk to the entry site. The entry site is some metal stairs that you go down and it is easy entry into the water. While on the stairs there is a safety and instructional talk (this is where the guides are very serious). This is the most difficult part of the adventure because being in a dry suit on dry land is quite difficult. If feels that you are being squeezed to death at your neck and wrists. We had one woman that almost passed out and she quit before we got in the water. My son and I both admitted later that we were close to doing the same. OK, now into the water. The water is very cold. If you choose a dry suit, your body is comfortable and very glad to be in the water due to the dry suit. Your face, however, is not happy. It is best to leave your face in the water so you don't experience the shock over and over again. It is very cool to be in glacial waters and to swim through the gap between the lava rocks. But, there isn't much to look at. Near the end is a bigger pool that you can explore if you aren't too cold. I frankly don't know how the people in the wetsuits could stand it. Then out and the walk back to the van for warm drinks and cookies.
Worth it? Yes. BUT, more so because I can say I chose to do an activity that was physically challenging for my arthritis riddled body and completed it. I wouldn't go a second time, I will stick with snorkeling in warm waters with more lifeforms to look at.
I hope this helps.