We were hashing out this discussion recently with the VanIsle 360 race.
I ended up getting an ICOM M92D with the gps and dsc.
I would feel much better being able to talk to someone while in the water than just look at the lights on an epirb.
That being said, there are many who have the personal epirbs and ACR puts out a good product.
If you are really interested, sign up for a safety at sea seminar. You go in a pool in full kit and launch life rafts.
It was a real eye opener for an older salt like me. I always have bigger boots than my actual size since the received logic was to kick them off.
Wow was I wrong. My boots were actually very easy to swim in and my feet and legs were instantly colder after kicking them off, and this was in a heated pool!
Always great to talk about safety and putting it into practice.