Given the five minutes they apparently spent on their web site, I don't hold out a lot of hope for this scheme. Technically it makes some sense - they are basically offering a set of WiFi access points or (more likely, given the name) Bluetooth accessories, one for each iOS or Android device, all connected to each other by a private radio network (probably running in the same band and under the same standards as an FRS/GMRS radio).
I agree that if you're just going to talk, a regular FRS/GMRS radio would work. To get the location-sharing/mapping feature, you would need something like a Rhino, which combines an FRS/GMRS radio with a GPS receiver and a map display. The Beartooth approach provides the advantages of text messaging, a big screen, and using a familiar device.
The GearJunkie article shows a package attached to the phone, but the current Beartooth website shows a separate device, functionally like the goTenna shown in the other GearJunkie article.