Bose,
the problem might be if you are rampchecked in the Netherlands and 'they' decide you have to leave the aircraft there until it is equipped with a 'proper' ELT. A year ago a friend of mine was rampchecked in Germany at a very small airfield. The man insisted to see his written flight preparation papers (plog) even after arriving on an IFR flight plan (it was all in the GNS430). I think the 406 PLB with GPS is the most intelligent alternative.