In reply to JB:
Thats a fairly complicated question. To answer it, i need to point out first that there are two types of satellite in the COSPAS-SARSAT (the organisation that deals with this type of distress beacon) constellation. GEOSARs (Geostationary satellites; There are 4 of these sitting over the equator, each can see a third of the earth, with reasonable overlaps between them. LEOSARs (Low Earth Orbiting Satellites), also known as Polar orbiting satellites; there are 4 of these constantly circling the earth from pole to pole, about 1000km up.
When a 406MHz beacon transmits, its signal is picked within seconds by a GEOSAR and relayed to a base station. If you have a GPS beacon, then at this time, the rescue forces know where you are. If you have registered your beacon with the relavent agency (in the UK, the MCA EPIRB Registry) then they will know who you are, and have contact details for your next of kin. If you don't have a GPS EPIRB, then they know who you are, but only know your position to within a third of the globe (the GEOSARs cannot track position).
OK, lets assume you don't have a GPS EPIRB. Your signal has been picked up by the GEOSAR, and they will be phoning your friends to find out where you are (sometimes this is enough to get you out of trouble, or find that you are down the pub, and it has gone off in your bedroom). If they cant ascertain where you are, they must wait for a position fix to be calculated by the LEOSARs. As a LEOSAR goes overhead, it is moving, so it listens to the apparent shift in the frequency of the transmitted signal. Using doppler calculations, coupled with the fact that it knows where it is very precisely, it can work out your position to within a couple of miles. There is an anomoly with the way that this calculation works though, which means that it will get your position, and a mirror image position (your position exactly the same position on the opposite side of its track), and it can't tell which one you are. So you need to wait for another satellite pass to get another fix, and clear up the confusion.
By the nature of a polar orbit, LEOSARs give the best (most frequent) coverage over the two poles, and the worst coverage over the equator. In the UK, with the current constellation of 4 sats, you can expect to be passed by a LEOSAR once an hour.
So, the answer to the question is: In the UK, you can expect an accuracy of within a 3 Nautical Miles within an average of 90 minutes. If you have a GPS EPIRB (or GPS PLB) then that changes to approximately 150m in seconds.
i hope you didnt all fall asleep
Dave