Barry covers this very well. When we were crossing oceans we had two EPRIB. One was in the dinghy which was our Life raft, and the other was at the companionway door. I have seen some of the hydrostatic models hang up and not deploy, so I want a manual model.
Now that we do near shore boating, as well as lakes and rivers/ ICW, we have two PLB which are GPS enabled. The GPS is important, and will make recovery much faster. These are small enough to put in a pouch, pocket, ditch bag, or on the life jacket. We also carry two waterproof radios.
The PLB is registered to the person, so it is good for hiking, back country, river rafting etc--where as the EPRIB is registered to the boat. We take our PLB with us in the RV, off road etc.
The response is equal to both of these, and is thru SAT SAR, a via Government agencies. The PLB has a smaller battery, and will last a minimum of 24 hours, the EPRIB 48 hours. In most areas search will be started in a matter of minutes or hours--not days, so the 24 hours is more than ample. Lots of lives would be saved if all boaters, climbers, skiers etc had a PLB!