All of the 12 different Motorola Talkabouts that I have bought over the past 11 years, including my 1999 T-5950 model, ALL had 121 Interference Elimination Codes (Privacy Codes, or Squelch Codes). The radios use this code when they transmit to activate the speakers on the other radios in the group on the same channel and code.
The model radio listed on this page does not have this code. That is fine if you only use FRS/GMRS radios without codes, but if you want this radio to work with others that use these codes, you'll have to disable that feature on all the other radios.
As for range, I tested it at 100 meters, through a couple of houses, and it worked fine, with some static audible. I like the fact that all the buttons, including volume, can be locked, so that pockets and kids can't change the channel, or turn it down by mistake.
This is, by an inch, the smallest Talkabout I have owned, which is good. The radio body is just 3.5" long.