Very glad you made it out alive.
While not a primary safety/emergency communication device, smartphones are a good piece of safety equipment:
1. Smartphones can be used to view the standard BOM radar web pages with 'observations' box ticked will display the wind speed and direction for certain weather stations in the radar range you have selected. If you are playing roulette with a wind change or storms, this can give crucial information on what the wind is doing at the weather stations near you (you can see the wind direction/speed difference between weather stations). If you watch it over a few hours when a front comes through Victoria you can get a feel for this visualization technique.
2. View shipping movements - good for Yarra / docklands, marks along shipping channels, the rip
3. Checking in with family etc.
My waterproof cased samsung S3 has the S-voice voice recognition system - two presses of the physical home button (can even be pressed underwater) and shouted 'call help' can be programmed to call 000. I have tried this in a few conditions - you need to play with the word you want to use to dial emergency and maybe add an extra number as I don't believe it likes calling 000.
I have also thought about what to do in similar situations. My theory is:
Activate epirb/PLB/distress call on VHF
Get your lines in / gear stashed or ditched.
Tether yourself to yak, turn on light(s), then up anchor so you are connected if/when you go over.
Flares/water dye (i.e.
http://safetycentral.com/grfldyemapa.html) after capsize/before you pass out or when you hear rescue vehicles.
Be prepared.