If anyone finds a Very economical solution to this I'm interested to know too.
what I used to to do while bicycling with friends was use my original cell phone headset (iPhone in my case) and we would establish a phone connection to each other and speak like that. It worked fine.
recently i rode with a friend on my motorbike and we tried the same idea. With the iphone headset covered under the shielding of a full face helmet, we were able to do the same thing. A couple times, we had to raise our voices, but generally, we had a conversation the whole ride! Speeds up to 70, no problems Hearing. This was done be phoning each other and shoving the phones in our pockets. Theoretically, if you are doing a group ride, you should be able to conference in any additional riders and essentially have a "party line"-style conversation going.
another idea I wanna try next is an app called BLUETOOTH CALL for iPhone. It is a free app which establishes a connection via Bluetooth between two phones. I have tested it out at my home and it works but I have not tested it out on a bike yet. My idea is that this app may be suitable if you are 2uping as the Bluetooth range will not be an issue.
of course the more costly dedicated solutions are much better I'm sure, but for occasional use, I'll be doing this again!