So I’m toying with the idea to build my own Arduino clone with the RF12B transceiver. HopeRF sells the module in at least two physical formats (DIP and SMD) as well as three frequencies (433MHZ, 868MHZ and 915MHZ).
- 433MHz band is allowed world-wide, except for Japan in the sub-GHz ISM allocation.
- 868MHz is allowed in Europe
- 915MHz is allowed in North America and Australia
Looking at the datasheet for the module, the output power for the three modules is:
- 5dBm@433MHz
- 3dBm@868MHz
- 3dBm@915MHz
And the sensitivity is:
- -105dBm@433MHz
- -102dBm@868MHz
- -102dBm@915MHz
So it looks like I will get a bit better performance/range using the 433MHz modules instead of the 915MHz that I have now.

Update
Found a little more on the ITN site:
http://www.itu.int/ITU-R/terrestrial/faq/index.html#g013
5.138 The following bands: 6765-6795 kHz (centre frequency 6780 kHz), 433.05-434.79 MHz (centre frequency 433.92 MHz) in Region 1 except in the countries mentioned in RR No. 5.280, 61-61.5 GHz (centre frequency 61.25 GHz), 122-123 GHz (centre frequency 122.5 GHz), and 244-246 GHz (centre frequency 245 GHz) are designated for industrial, scientific and medical (ISM) applications. The use of these frequency bands for ISM applications shall be subject to special authorization by the administration concerned, in agreement with other administrations whose radiocommunication services might be affected. In applying this provision, administrations shall have due regard to the latest relevant ITU-R Recommendations.