Slightly off topic: What if you already own both an iPad (assuming it's a 3g model and not just wifi) and an iPhone, couldn't you just leave your iPad in the bag then use the "Find Your iPhone" app to locate the bag for free?
EDIT: I guess my overall point is why would anyone pay $39.99 for a simple tracking device when you can do this free (with an iPad/iPhone) or buy a GPS tracker yourself, for cheaper than ~$40? Maybe this leads back to my first statement that the landing page needs much more info to convince the user this is worth the money.