As nasty as it is to think about, pee is generally harmless if swallowed, especially in such low concentration. But if thinking about drinking even diluted piss doesn't just gross you out in general enough to cover your drinks, you've also got that awesome film of dirt, sweat, and sunscreen shimmering across the pool that very well can make you sick. Oh, and chlorine.
And I would be remiss if I didn't mention that while the 2-float beer pong floats are much easier to pack, the full-raft versions can serve a fantastic second purpose later in the afternoon. Just don't forget the whipped cream!