My understanding is that the 121.5/406Mhz frequencies are a global standard. 121.5Mhz is a homing signal for land/sea/air receivers (eg boats, SAR aircraft need a receiver), and 406Mhz is a distress signal picked up by a satellite network that has an embedded registered ID of the user in the signal, and once a search commences, the 121.5Mhz output of the same device is used to "home in" on the beacon.
A valid point someone made on the thread you're referring to is that someone in the area needs to be actually listening if you're just using 121.5Mhz - given the battery life of some of these devices is only 20-30 hours, you'd want to make sure someone is a) aware you're lost, and b) bloody listening, within those first 20 hours. I'm still looking into what would be a good one for diving use - the only submersible one I've seen for divers is a 121.5Mhz model only. Not much good if it take a day to get an aircraft in the air listening for you - your battery is half flat before they even start looking. Some of the fancier models use an internal or external GPS to transmit your location with the 406MhZ signal, but they all seem geared towards use from a vessel like a lifeboat.
Still investigating. They seem a sensible idea. Given the number of divers we saw in Fiji that didn't even have a safety sausage, and were diving in conditions similar to those described above, I'm honestly surprised there's not more people lost in this fashion.