PLB and the LifeLine are two different things. The LifeLine (and the original Nautilus) work by sending a line of sight radio signal that a rescue craft has to be listening for. A PLB works by sending a coded message on 406 MHz that is relayed via the Cospas-Sarsat global satellite system which then activates the local emergency search and rescue system (e.g. Coast Guard in the USA). If you are so remote that there is no local emergency rescue system, your signal can still be received by a designated station and help can be coordinated if possible.
They are different systems, and as JohnnyC pointed out, it's important to have a range of signaling equipment for different situations. Sometimes something as simple as a mirror can help if you can see the boat but they can't see you.
I carry one of these PLBs in one of these.