I've always been sceptical of this working well enough to be usable. Does the average iphone owner leave their bluetooth, gps, and mobile network on 24/7? Sounds like an awful waste of power. What about in the rest of the world outside the US, Canada and Australia where Android is the market leader and iphones are rather rare?
What happens inside buildings when the phone doesn't have a fix? Does it store the tag's key and sends it as soon as it gets gps data?