Wait, what?
Has anyone here used the panic button (which would just be " the button" on the new ones right?) and did it work?
Not me personally, but I'm reasonably certain a Nautilus Lifeline, or perhaps a GPS enabled VHF in a waterproof container, was used in my area a few weeks back.
Coast Guard rescues two divers off of Tarpon Springs
I was out on the water at the the time, and caught the Coast Guard's end of the conversation. I couldn't hear the divers end of the conversation, and didn't see any alert come through on my radio or GPS, so I don't believe they hit the button. Article is missing a ton of details, and at first glance reads like two divers went out on the boat, anchored, and went diving with no one topside. That's not what happened.
Coast Guard was able to communicate with the divers, and obtained their GPS position. They also put out a call to see if any boats were missing divers, and a vessel called "Lowlife" responded that they were missing divers. CG got GPS coordinates from both, and relayed a heading and distance to the boat. I believe the CG fast boat got there first as "Lowlife" was having difficulty following the heading the CG provided.
I have a Lifeline, and I'm glad I got it before it was discontinued. In the incident above, I'm not certain what would have happened had the divers just had a button. I'm sure the divers would have been picked up, but may possibly have been delayed a bit. Reason I say that is because the fast boat that responded was already out responding to a vessel that sunk. Passengers on the vessel were picked up by a charter fishing boat. CG would have received the alert, but might not know they were looking for divers in the water, so may not have immediately re-routed the boat.