I didn't know about this either so yesterday after I read about Bakelite sinking I filled my kitchen sink with water and tried it. Everything I tested sank. Two pieces I tried "could" have been Bakelite -but once they sank, I took off the bangles I was wearing, dropped them in the sink and they sank. These two bangles I know are lightweight plastic and I expected they would float. I don't know what kind of plastic they are, but they are definitely not "Bakelite" contenders.
I don't think the sink or float test is going to be that helpful. As Caryn mentioned polystyrene, polyvinyl chloride, and polyethylene terephthalate all sink. I don't think there is any way to tell what type of plastic something is made from - other than the traditional way. I still would use the sniff test, the wipe test with Bakelite testing pads, 409 or simichrome, clink or clunk, feel the weight, check for mold lines and most important evaluate the overall look and feel of the piece.
Linn