With the proliferation of Regulated Airspace in the UK and the ready availability of the VHF Fixer service in virtually all parts of the country, the 'traditional' lost procedure is becoming a bit of an anachronism. Whilst pilots should still be aware of it, nowadays I prefer to teach use of transponder and 121.5 - because the chances of wandering uninvited into the shark-infested custard of Regulated Airspace is too great!
We have also fitted panel-mounted GPS sets to all our aircraft; before students are allowed to go outside the local area solo, they are taught how to read their position from the GPS - not to navigate by, but to advise ATC 'I think I'm at ....N .....W' if they become 'uncertain of position'. Also, the key strokes required to switch on and initialise the GPS in the after start checks are taught to them ; the default data page is set to show range and bearing from our home aerodrome.