I bought an Avalung a few years ago, but I have never used it. I agree with others, it's kind of bulky and I had a hard time picturing myself being able to use it while incased in the type snow that avy's tend to leave you in. You would have to be able to move (at least bend your neck and clear a path to the mouth piece). Even if you are successful, your time is still limited...
I witnessed 6 avalanches while climbing Denali (one was a massive one that ripped down one of the chutes on Mt. Foraker, which was 3 miles away, but still thundered), and heard over a dozen more while stuck in the tent. Even witnessed a serac fall from a 1/4 mile away, which caused an avalanche to stop only 100 yards from us (a close encounter of the deadly kind, which was too close for comfort), and I also agree that we should try and aviod the situation whenever possible.
Now there are times when one has to gamble in avalanche territory, and besides awareness, beacons are probably the best technology, but you are still relying on other people to find and dig you out. As for the Avalung, spend your money on an avalanche awareness course. The course has a better chance at saving your life...