If you somehow had the chance to leave the aircraft in mid-flight, the environment outside the plane would kill you. Very, very cold, very high speed winds (besides the plane moving very fast through the air) and no oxygen. If the pilots could maneuver the plane safely to lower altitudes, chances are very good they could also just put it on the ground.
This isn't strictly true. Typically you'd replace a nylon reserve parachute every 10 years irrespective of use or UV exposure. You'd also repack every 6 months - some people repack much more often.
Also, having jumped from C-130s and DHC-4s I think the exit from a modern passenger jet aircraft would be very unpleasant, and without training, specialist equipment, and luck, not survivable.
The thing that kills you is the ground, which is an obvious enough statement, but overlooked I think.
If you're flying at any reasonable altitude you've got a reasonable chance of gliding, recovering. If you're too low and something goes wrong then you're screwed either way - no parachute's going to help that.
Why's this on the front page?
Image - there are only so many precautions and safety demos before passengers think "Hell, this is just too risky"
When something goes wrong on the plane, it's probably too catastrophic to get your parachute on and wait by the door.
If there comes a point when passengers need to 'chute out, there's going to be a stampede.
Issues of liability when landing passengers break limbs, dent the roof of your car, drown in the ocean under their parachutes.
Any more reasons anyone?
If the plane disintegrates, the parachute deploys at a certain altitude. That would be a good reason to keep your seatbelt on through the flight. There'd be issues with oxygen and pressure at height... but it's a start.
The "ejection" component of an ejector seat is just as important as the parachute - it needs both to do its job of saving your life.