It's funny you should bring this up since the AOPA just had an article on it yesterday. The 121.5 frequency will not be monitored by satellites after Feb 1, 2009 making it hard to find you if you should go down. However, the 121.5 frequency can be monitored from ground and airbased rescue vehicles even after that date. It may take a little longer for you to be found.
Canada requires that you switch to the 406 frequency and Mexico does also, but will allow US registered planes to continue with 121.5. AOPA is jumping into this so there can be some sort of standard clarification. They don't want a "mandated" requiredment for 406 ELT's, but it looks inevitable down the road.
Here's a link to that article:
http://www.aopa.org/advocacy/articles/2 ... 04elt.html
Hope this helps...
John
John and Julie Johnson
Lubbock, TX
N227CT (CTLS)
Wave #5