Water in photo or ??
ovrrdrive, I think what you're seeing in the upper left of that photo is a strut or skid on the aircraft that's taking the photo. It's not in sharp focus like the rest of the photo.
The beacons, BTW, are called EPIRBs--Emergency Position-Indicating Radio Beacons. Earlier ones only operated at lower frequencies (about 120 MHz?) that were monitored by satellites (SARSAT?) and often by commercial aircraft. They only really indicated position by their direct transmissions to a nearby airplane or satellite overhead. The newer ones sometimes have GPS so they can send a signal which includes their exact lat/long. The main frequency for the new ones is 406 MHz and I'm not sure what kind of specific improvements that brings.
One does certainly have to wonder what those folks were thinking. Usually you can get to civilization pretty fast by walking downhill (except for an area in Utah, I hear). I wonder if that's the way this guy went. I suppose it's always a good idea to try walking first to a local high point for visibility and also at least a few hundred yards in 2-3 directions.
I am (almost completely) glad they made it out alive. I just wouldn't want to share a road or trail with the driver/decisionmaker. I am (completely) glad the dog survived.