Simply put, the eXRS radio uses slow frequency hopping at a rate of 400mS and utilizes analog NFM. That's why the voice sounded a little off in that recording.
The Opto Interceptor is a neat little gadget that was sold as a piece of test equipment at one time. It is able to lock onto many FHSS signals. Transcrypt used to make frequency hopping radios for the feds back in the early 90's and testing with the Interceptor proved the audio could be intercepted from these FH radios albeit the audio sounded "clipped" (but intelligible). I used to have some literature on those old Transcrypt FH radios and I believe they hopped at 50 channels per second.
True, the eXRS radio by TriSquare will provide greater privacy than voice inversion, but calling them "completely secure" is ridiculous. Any near field receiver that sweeps 900MHz will decode them and I am sure if one wanted they could buy a few fast scanning scanners and divide up the frequencies used by the eXRS radio among the scanners for better results.
There is another radio that uses 900MHz FHSS that is much more secure if that is what you're looking for. They also cost more, but I also think they are built much better. It's the Motorola DTR. Or come to think of it, just buy some used Nextel i355's on Ebay, they run about $20 a pop. Most likely you'll need a sim card since most people remove them before selling. Put the i355 into Direct Talk mode (off-network, no service plan required) and you have 10 digital FHSS channels to choose from. You can also set up private calls between the Nextel radios. That means even if someone has another i355 on the same Direct Talk channel as you they still won't be able to hear you. Motorola DTR's can also be programmed to do private calls by programming in your own unique 11-digit code which sets the hop sequence. On a Nextel Direct Talk private call you use the other persons phone number that you're calling. That sets the unique hop sequence. Or you can just go to contacts and select the person you want to call instead of typing in the whole phone number.
Both the Motorola DTR and Nextel Direct Talk use the same technology, but they are not compatible.
Motorola DTR/ Nextel Direct Talk:
1W 900MHz FHSS, 90mS hop rate. Yes, a near field receiver (including mine) can lock onto this signal, but what does it hear? Initial data and then popping! The DTR and Direct Talk both use VSELP digital audio. So even though the signal can be tracked by some fancy radio gear they cannot decode the digital audio. You would need a way to decode VSELP if you wanted to hear anything.
I hope this clears some misconceptions up. Feel free to message me or reply if you have any questions.