Tom, thanks for the perspective.
Set aside the very lucky soul who happened to have his 121.5 ELT heard by a USCG helo on a training flight. Instead let's assume an ordinary Joe Pilot hears a 121.5 ELT and calls it in. What will happen?
http://www.sarsat.noaa.gov/406vs121.pdf
High false alert rate makes first-alert launch unfeasible.
Absent independent distress information means RCCs must wait for
additional alert information.
I'll assume you mean that Joe Pilot notifies Approach/center/FSS of hearing a 121.5 beacon... i can't speak for the FAA... but I understand they have the ability to DF 121.5... so if its over land I understand that it is passed to the USAF & CAP.... we get the ones over the oceans, coastal waters, and close to our bases.
That said while flying routine stuff I have been advised by approach that they've had reports of 121.5 beacons going off in a certain area, and I've 'lent a hand' by flying over that way and tuned up my df gear and given them a line of bearing to it from my location... typically with my bearing and theirs the beacons can be identified as coming from airports and the airport manager was given a ring. If over land the USAF takes over.
In the USCG I haven't been launched on solely a 121.5 going off.. there usuall has to be correlating data before we launch... ie a missing plane, an associated mayday call... etc other sorces DF'ing it away from an airport etc. Most ships have EPIRBS (406 ELT's for boats)... I've flown a few of them... one was an actual tug that went down so fast that 1 of the four crew was trapped and didn't make it off... the survivors didn't get a mayday off as they had to get off the tug so fast... the EPIRB was all that alerted us and helped us find them.... why?
A beautiful thing about 406's is that most of them transmit an ID code with them, so we know who's in trouble. The info allows us to quickly determine the validity of the hit (ie the office running the search can call the owner and determine if its a for real emergency or just a false alarm prior to launching assests)... That said i have been woken up to launch on just one hit of a 406 that didn't transmit an associated ID and only gave a poor line of bearing off a satelite... we flew a huge search pattern all night to find nothing.
On another occassion while I was transiting to from Mobile to Clearwater i got tasked with running down a 406 without a data stream... we tracked it down to Tyndal AFB in Panama city... the beacon was going off continuously and as it was late in the evening I guess nobody at the AF base heard it... Ironically the DF'ed lat and long from the COPAS/SARSAT satelite had it about 10 miles further out to sea... I wouldn't trust my life to a406 without GPS (there can be huge errors in the DF'd position)
anyways, 121.5's have such high false alarm rates I have yet to get launched to fly on one without correlating info... if I'm in the air and not busy I'll probably run it down.
So again, its your life, but if it was me I'd get a 406 with GPS encoding and not worry about it. My USCG airplane has one, and all I have to do is flip one switch and I'm confident my mayday went out, has everyone moving, and has my exact lat and long encoded with it... it really doesn't get any better than that for us Search and Rescue guys. I wouldn't settle for less in my personal plane.
my .02 usd.
Tom