Let's cut through the fog and quit kvetching about irrelevancies such as CAP arrogance.
406-mHz ELT or PLB: location accuracy 100 meters
ELT cost: $650+
PLB cost: $250+
(If you can afford to fly, you can afford one)
121.5 mHz ELT: location accuracy 12000 meters
ELT cost: your life

If you don't put a GPS-equipped 406 mHz ELT in your aircraft or PLB on your straps, don't complain about the CAP, your spouse, or God when you're lying broken and cold and in pain in the wreckage. Blame yourself.

References:
http://www.sarsat.noaa.gov/406vs121.pdf
http://en.wikipedia.org/wiki/Distress_radiobeacon
http://www.sarsat.noaa.gov/emerbcns.html