Light-Sport Aircraft Yahoo group 406 MHZ ELT

Can anybody share their knowledge about these new (to me) doo-dads? I just read that nobody will be listening to my old 121.5 Mhz ELT if it goes off anymore. Is it mandatory that it be upgraded? Do the smaller (cheaper) 406 MHZ PLB's suffice? Can anybody suggest a decent one? Thanks in advance for the info.

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