I have prepared a brief summary of these regulations in English here. I am no lawyer, and as with almost anything else in Mexico these regulations can be changed, repealed, or simply ignored at any time. Anyone using this information does so at their own risk. My summary will pick up at the "ARTICULO PRIMERO" (Article 1) in the documents I have links for above.
Article 1. The present agreement has established bands of frequencies in the radio spectrum (channels) at UHF for free use, conforming with article 10 section I of the Federal Telecommunications Law. As a consequence, these channels referred to in this Agreement will be used by the general public without a need for a concession, permit, or registration, only with equipment that has been certified under the terms of Article 3 section V of the Federal Telecommunications Law.
Article 2. To this end, these free-use channels available nationally, at UHF, will be the following (listing the center of each channel below, in MHz):
462.5625
462.5875
462.6125
462.6375
462.6625
462.6875
462.7125
467.5625
467.5875
467.6125
467.6375
467.6625
467.6875
467.7125
Article 3. The equipment that uses the channels indicated in Article 2 of this Agreement will be subject to the following conditions of operation:
The equipment will only operate with a maximum of .5 watt (500 milliwatts) of effective radiated power (ERP), with a maximum coverage of 2 km.
Referring to channel bandwidth, from the effective date of this Agreement until 31 December 2004, the equipment will operate with a maximum bandwidth of 12.5 kHz. Later, and if necessary, the new bandwidth will be announced.
Only handheld-portable equipment will be used, excluding base stations and repeaters of any type. The emission type for a 12.5 kHz channel will be 11K0F3E (voice). The maximum deviation for this bandwidth will be 2.5 kHz (+/-).
There is no consideration for installation of antennas, since this will only be used with the antennas on the handheld-portable equipment.
It will be required to have certification issued by the Ministry of Communications and Transport (SCT).
Links to any public telephone or private telecommunications network using these channels is prohibited.
FRS "pitfalls" in Mexico
The regulations listed above basically mirror the FRS regulations found in the USA and Canada, except that radios using these channels in Mexico must have Mexican certification. As far as I have seen, FRS radios sold in the USA and Canada typically have US (FCC) and Canadian ID numbers on them, but nothing for Mexico. Without the Mexican certification, FRS-type radios brought from other countries could be deemed illegal by Mexican authorities, and subject the user/owner of those radios to legal troubles. You have been warned.
Another problem that travelers from the US may run into (and, in the future, those from Canada as well) - there are very few FRS-only radios on sale in stores. Most of these radios now include 8 channels of the General Mobile Radio Service (GMRS), a radio service requiring FCC licenses. In Canada, a form of GMRS has been recently authorized by Industry Canada (Canadian radio regulator). The 8 GMRS channels are on frequencies not authorized for unlicensed use in Mexico at this time, and those radios will not carry any Mexican certification numbers on them. Again, radios that may be legal in other countries, and operate on the license-free channels in Mexico, could still be considered illegal.