Interesting. Back in the day (the 90s) I worked with a team that did essentially what the Garmin Subwave seems to be doing. I don't know exactly what they are doing, but we were basically setting up comm networks using ultra sonic sonar.
We ended up shutting down for 2 specific reasons.
1. The market was not developed enough then, and most divers didn't see the need for such an expensive system.
2. We ended up being fairly concerned about flooding popular dive areas with tons of ultrasonic noise. Had no idea what it would do to the sea life, and no budget to do the research to prove it wasn't harmful.
I wonder if any environmental impact has been done on the new systems? Anyone more up to date than me have any idea?