I would like everyone to look for posts made by Ian W (sorry, can't provide post numbers because they are not always consistent) regarding technical abilities to trace and track airplanes, a task that is perfectly doable in this day and age. But.. someone has to pay for it. And, as said before, this technology works very well over land or in shallow (less that 100m deep) water.
What someone pointed out was that pingers for FDR/CVR and tracking in deep oceans are a bit behind. BEA suggested some solutions to that problem, and I have read some very interesting posts in the MH370 thread. Quick repeat: The big concern about deep masses of water is that water is very "resistant" to radio waves. They scatter within matter of a few metres. Sound waves are the absolutely best way to communicate long distances in waters, something all species of whales has taught us.
I am glad they seem to have found the wreck already. I was truly fearing a new MH370 scenario.