After reading the recent published book "A storm too soon", I have a better understand how unreliable of EPIRB is. The system is too behind time and needs severe update with the newer technology and more user friendly. Having said that, I will still carry one when go off-shore sailing. But I carry other alternative.
I have a SPOT II. It has been performed flawlessly. My wife loves it, because she knows exactly where I am and don't have to ask when I will be home. I just make sure I turn off my SPOT when I go to the Strip club.... hahaha.

The reason I like my SPOT is it let me update the SOS message as often as I like. When I push the button, if the message is received properly, the SPOT tells me. I don't need to guess. The battery is user installed. I can have fresh battery every time I go off shore. It is just amazing how the little thing work to well.
Last year, while attending to "Safety at Sea" training , I asked the exCG commander, he said CG treats SPOT SOS in equal footing as EPIRB SOS.
Yes, SPOT has some areas that they do not cover, but my sailing area is perfectly fine. Within this last last year, there are a few come out of the market, I hope the competition will offer us better product and less cost.
But again it is always YMMV.