Being an official radio geek, I pack more communications than most people really need on the mountain. Radio lives on the outside of my pack (it's waterproof) with key lock on, spkr/mic clips onto teh shoulder of my pack. Not the greatest audio through the speaker-mic, gets a little tough to copy over the noise of a sled but it's readable. Charge the battery up the night before whether it needs it or not, that'll last for a few days even at 5 watts. Pack an extra antenna.... Cellphone lives in my pack, but stays off... charged main battery plus an extra charged battery for that as well. I usually pack one or two 2-watt commercial VHF radios with me as well, they get a lot better range than FRS does. Those are mostly for the extreme situations where a group would have to split up.
If I were buying a radio.... I'd go with an FRS, they're the most popular nowadays....
The things I'd look for are:
-Good battery life with rechargeables or readily-available replacements (AA/AAAs and pack extras)
-External speaker/mic jack
-Keyguard/keypad lock so you don't change frequencies without knowing it
-Go with a reputable company.... Don't skimp out when it comes to comm... could save your life in an emergency. Motorola would be my brand of choice.
A step up from the cheap stuff but not as geeky as I am... Get a GMRS license through the FCC.... $70-ish, no exam.... get a good radio that'll support repeater shifts (I can't think of any consumer-grade radio that does this though) and program the local repeaters into it. That gets huge distance over a wide area... better chance of contacting someone in the event of an emergency.