I used this (SPOT II) for years and recently upgrade to SPOT III or $99. Great device for going off shore but you need $150 additional per year for taking the full advantage. Please beware, they are not 100% global coverage, make sure where you are cruising.
There are others may be better to your needs. Practical Sailor have an excellent write up for personal devices.
In the meantime, I stick with my SPOT II and III.