A group of us did some work in a big shaft last year (90m to the level), with much of the old timbers, pipes and ladders still in there, and we had huge problems communicating beyond 50m depth, even with powerful radios. Beyond 70m it was impossible, which caused some issues when climbing. I don't know exactly what spec they were so can't comment on the power output, but they were given to us by the company, and definitely weren't toys. I think the junk in the shaft was the problem, as it was very large diameter too.
I've often wondered if the tin-can telephone could be 'upgraded', using thin plastic buckets. After all, you have a very tight line to use, and presumably the larger diameter wouldn't affect transmission too much. Trouble is, to avoid splitting the bottom bucket to slip it on the rope, and thereby probably ruining any diaphragm effect, you'd have to abseil down with the bucket already threaded on. Also you'd need some sort of stop to function as the knot, but something like a Shunt or a Basic could be used for that. But if the top-man were able to shout into his bucket, I do think it could work.