What advantages do kayaks have over a small well designed canoe?

Kayaks have a lower profile and catch less wind and they are more maneuverable. I think a kayak is generally faster too.
A canoe has more room so you can carry more stuff in easy reach, and usually there is room for 2 people.
Both are great ways to enjoy the water and fishing, I have a kayak and a canoe that I use in different situations.

Buy an ultimate native kayak. has features of both. i bought one a while back, and love it. paddles well, manuevers well, and stores lots of gear.

Kayaks are self bailing, canoes and some hybrids aren't. You can sit side saddle and dangle the feet in kayaks, tough to do in canoes. You have under deck storage on kayaks, everything is exposed with a canoe. Paddling differences between the 2 craft (no real advantage or disadvantage with either).

Under deck storage is overated, anything I put in a canoe will be packed so as water won't hurt it. Higher profile, yeah on a lot of todays canoes but 11-12 inches isn't a lot. Speed isn't a big deal when I am fishing. My favorite watercraft of all time was an 11 foot pirogue that a friend built. I may build another one soon.

The advantage I see of a yak over a canoe is most yaks have flat bottoms which means they are less likely to tip. Every canoe I've owned had a round bottom which caused me to have a wet bottom (top, sides, middle, everything).

Todays Kayaks on the market are head and shoulders above any canoe on the market!

While some of the smaller and poorly designed models will limit you on space and weight capacity, most of the fishing Kayak models give up very little in this respect. The Ocean Kayak Trident 15 angler addition for example weighs about 12-15 lbs less than a typical Canoe. That 12 lbs is a huge difference when loading or unloading my Yak especially after a long day of paddling out on the lake.

The Better quality Canoes are roughly comparable in cost to fishing specific designed Yaks and lack most of the features that are readily available on a Kayak. For Example...the Hobie Revolution comes with a whole host of features such as a Rudder System, Rod Holders, Modled in Tackle Boxs, water tight compartments that canbe used as storage for water sensitive gear such as cameras, GPS, VHF Radios and cell phones. Additionally these compartments can be used to store you catch on ice, or scooby snack while out on the water. Most have areas that readily accept mounting of electronics such as Fish Finders and the batteries to power them. So while Kayaks might cost a bit more once you outfit a Canoe comparably theres little if any difference in cost.

Safety...Kayaks (SOT)in my opinion are much safer. They are far less likely to tip or capsize. If you do somehow manage to flip a SOT Yak, it wont sink and its self bailing and a heck of a lot easier to get back into than a Canoe. From a stability stand point...I have landed a 38 lbs Blue Catfish in my cheap crappy model Yak on night float with friends on a large lake. While the same can be done from a canoe I suspect that the higher center of gravity one would have on a canoe would make such a proposition a little more challenging. Additionally its a lot easier to add the 360 degree safety light required by the Coast Gaurd on a Yak than say a canoe would be. Additionally rigging other lights as needed would be easier too! There are many areas of a Kayak where you can foam in with spray foam to provide more bouyancy, especially should a leak develop while out on the water to keep you afloat. Since they sit lower to the water you are far less affected negatively by winds and Yaks will cut through rough waves much better.

Manuverablity...Kayaks will out manuver a Canoe 8 days a week with a lot less effort on your part! Speed...while they make some racing Canoes, most models of Yaks will out speed a Canoe. If you have something like a Hobie Revolution with the mirage Drive system not only can you propell it with both hands free and fish while cruising the bank or a weedline, this Kayak will blow a canoe out of the water on making a bassage across an open lake or a trip beyond the breakers for ocean fishing. Upgrade to the Turbo fins and this thing will flat out fly accross the water at a speed that will leave you dazed and confused! Dont believe me? Check out http://www.hobiecat.com/kayaking/index.html for video clips of this Yak in action.

I am sure I have forgotten some major points and differences but these are some off the top of my head.

I guess then a pirogue, which has a flat bottom is more stable than a canoe. I have also tipped over some canoes.