I see Angus Houston has made a cautiously optimistic statement to the effect they have picked up further signals which are consistent with being man made.
Looks like our two Chinese dudes in the inflatable, with an iPhone microphone wrapped in a ziplock bag and dangled under their boat got lucky!
Fingers firmly crossed they will be able to triangulate the remaining few days worth of signals to the point where they can confidently launch the ROV.
If they do locate the aircraft, it will have been due to the genius of the Inmarsat boffins who first narrowed the search area so dramatically. They turned science into magic.