The 'cheap pilot bastard' from AVweb forgot that 406 beacons also transmit on 121.5 so you get the best of both worlds.
He also forgets how many false alerts there were when 121.5 PLBs were monitored by COSPAS / SARSAT, no-one moaned about going out looking for them then just as no-one moans about going out investigating 406 alerts.
Just buy a 406 ELT and get it mounted properly - AND carry a personal one.
Relying on your cell-phone is fine if there is a mast near you but otherwise is even less useful than a 121.5 beacon no-one is listening to. How many pilots would actually recognise the beacon signal as a distress one?
You have to be overdue and have search action initiated before the authorities start pinging cell phones so you could still be waiting quite a while.
As an ex-SAR pilot, I would have an aircraft ELT, a personal ELT (both 406) and carry my cell phone - guess what I do every day I go flying?
Be a 'cheap pilot bastard' by all means but don't come crying when you die alone in the woods because you didn't have a 406 beacon.