They should probably add a few location buoy devices that record the location on impact in water and if the plane lands in water they break free from the plane and start transmitting a ping and the location information to satellites.
I expect they will have a real time location transmitter so they can pull up the plane location in real time, track deviations from flight paths, etc.
A secondary transponder that can't be deactivated from inside the plane would be a plus too.
Also they should setup transponders and new tracking devices where they can not be disabled easily from inside the plane.
Definitely room for innovation.
Here is an example where it somewhat helped crash investigators: https://en.wikipedia.org/wiki/Air_France_Flight_447
Full data recorder info being sent wirelessly is a big "ask." You'd be transmitting full cockpit audio in real time (security risk?) so you'd need encryption, and you'd also need it to work over the ocean which even getting radar for is a huge pain.
It isn't impossible. With enough cash it is very possible. But you're looking at a new array of satellites just for this purpose alone, new standards (i.e. secure rather than insecure uplink), and plenty of expensive certification. Maybe 1 billion budget could do it? Maybe more (if it isn't US or Russia, so launching satellites gets more expensive).
See http://www.flightradar24.com/free-ads-b-equipment/ for some equipment capable of getting these local radio signals.
up until recently there was an issue with transmission quality/bandwidth (I'm sure even now when you are doing remote/trans-oceanic flights)
hardened hardware is way more reliable
I would say a good middle ground would be broadcast telemetry on some side band or bursts with traditional hardware as a backup.