While I'm a bit late to the Megalodon debate I have a few thoughts I'd like to share on the topic.
It is true the discovery of the Coelocanth (amongst others... e.g. the Mega Mouth Shark) was exciting and creates great wonder and to some minds no limit of possibility. It is 1stly important to recognize neither of these fish are predators and individually they live within a very small geographic range. The family Carcharodon simply are great predators and an individual could never be limited in range in such a fashion, this should result in a good number of sightings but this is not my major point.
I would how ever like to point out the issue of size, that is a Great White is approx two thirds the size of a Megalodon and this is not the 1st time this measure has occurred between an ancient animal and it's contemporary cousin(s). E.g. the modern crocodile is two thirds smaller than it's prehistoric relative(s), the recently discovered Titanoboa fossil (giant Anaconda) suggests a great size variation but of only half. However this creature is relatively new by comparison to the "giant croc" Sarcosuchus and comes from the (so far as we know) Paleocene Epoch, this is much more recent than the Megalodons arrival.
Why is this important to my views? Well the climate/environment changes (in fact Barack Obama is about to leave Copenhagen as I type!!! Yawn) and the amount of oxygen in the atmosphere was much greater 200 million years ago (Megalodons/Sarcosuchus' time) than it was 55 million years ago during Titanoboa's time. This becomes relevant as the amount of oxygen (also food supply among other factors) available is relative to the size of the animal (fish keepers know this).
So lots of oxygen equals large crocs and sharks (even bigger whales) and less oxygen smaller crocs, sharks, snakes, whales, elephants even kangaroos. This remains constant i.e. because giant kangaroos were not around 200 million years ago they were never so big. This theory can be observed mostly in insects as their existence has been continuous (since before dinosaurs) and by comparison they are two thirds smaller today.
So this raises the question. Is the great White simply the Megaladon in miniature? They have of cause become separate species however following this thought it is unlikely that the Megalodon exists today.
While this suits my thinking and reduces the Megalodon to a mere few fossil teeth (very important when you live in Southern Australia). Does this now mean we are looking for a down sized Loch Ness Monster???? lol