Come Feburary 1st, the 121.5 and 243 MHz signals will no longer be monitored and the 406 MHz devices will be the only frequency that SARSAT will monitor.  But according to this article, pilots are slow to update to the new devices.

More than 85% of private planes do not carry the improved beacons even as the government prepares to stop listening Feb. 1 for distress calls from the older, outdated beacons installed on most aircraft. The newer beacons cost roughly $2,000 to $4,000, although prices are dropping.

The beacons are not just for planes, ships and hikers can also make use of the technology if something goes wrong.

Total Rescues in 2008: 283

• Rescues at sea:  203 people rescued in 65 incidents
• Aviation rescues:  12 people rescued in 7 incidents
• PLB rescues:  68 people rescued in 35 incidents

However, U.S. pilots have balked. The Aircraft Owners and Pilots Association objected to requiring the new ELTs, arguing that they were too expensive, says Chris Dancy, spokesman for the pilots’ group.

Just what is your life worth though in an incident…

FYI… SARSAT makes use of WorldWind technology.