To add to Mike's post here in the USA we have Rescue 21 setup. For those that don't know it is an upgraded communication system monitored by the Coast Guard up and down the coastal areas, including Hawaii. Fortunately it is strong in the areas that we dive, although fairly remote (Northern California). This means the DSC signal will be picked up by the Coast Guard.
Hopefully more and more boats are purchasing VHF's with DSC, but I read on boating forums how people just don't see the need to spend the extra money as they don't feel "they" will need DSC. What about someone else needing DSC? A DSC radio in a boat is worthless without a GPS that it can communicate with. The Nautilus along with other handheld VHF's can have DSC. The difference is all DSC equipped handhelds, except the Nautilus, can also receive and home in on a DSC signal to help rescue. The range of a VHF is around 3 miles, but DSC is good for around 12 miles, which is pretty decent. In places like Cozumel you will be within a cruise ships range, and they are required to relay the message, let alone the marine patrol.
When a DSC signal comes in on a boat equipped to receive it, lots of warnings and buzzers go off. Screens start flashing! You will know someone is in distress. Then the GPS will highlight their location and if you are available to render assistance it will be easy enough to locate their position.
For me the coolest part of the VHF is just simply being able to call a boat nearby. This is why I bought a Nautilus. We dive in an area that can sometimes get mild currents, but that may be enough to not allow returning to the boat. Or like what happened last week the fog could blow in obscuring the boat (We could still see the boat, but not land). Wouldn't be the first time it has happened. There were a few urchin boats right near us with one being only 400 yards away. I would hope a call out for help on channel 16 would bring in "local" help, without the Coast Guard having to come all the way to us. Rarely do we ever see the Coasties. Of course if one of my friends has their boat in the area we would first try to make contact with them via VHF, either a specific channel, or channel 16.
An EPIRB/PEPIRB/PLB or whatever you want to call it, will get your rescued every time. The question is at what resource level? Do I need a helicopter, a C130, a cutter, and a couple of lifeboats, just to give me a 1/4 mile ride back to my boat in case I screw up? If going for a helo ride you are ditching all your gear too.
The reality is both a Nautilus and a PLB belong on a dive. If a buddy team each carried one then you are covered. If solo, you decide. If someone is getting a new VHF radio, push them to get a DSC equipped unit. Start hounding dive ops, and maybe we will start seeing the DSC system put properly into place. For now though most every boat has a VHF.