For General Aviation, you currently have tracking packages which use the existing satellite phone infrastructure. In places like Alaska, usage of such a system is mandatory. The Iridium satellite people have a package that costs $995 for the unit, plus between $15 to $85 per month depending on usage. Figure for a commercial airliner it would be more like $300/month.
The data doesn't need to be as much as what the black box records. Just GPS position, airspeed, and altitude, transmitted once per minute would be good enough to find the plane, and have some idea of when it got into trouble. Ideally, they would put the unit somewhere it cannot be tampered with while in the air.
Those are good points. Merely the ability to precisely locate the position of a crash— Saving the time, expense and effort of an extended search— alone makes it worthwhile.