The co-founders Tony Requist and Carrie Requist believe there is a consumer demand for at home item tracking, and I agree. As you can see in their demo (below) the primary use is for finding missing items. It could also be used proactively by scanning a hotel room upon departure to ensure you have not left anything behind. Of course, the key to success is pre-tagging everything you want to track.
I envision this being used in a lot of different ways, both personally and by small businesses. Consider the possibilities of being able to track valuable items and inventory at home, while moving, during disaster recovery, for off-site storage, etc. I already want to buy one when it comes out!
Work is continuing on the custom RFID tags and the prototype RFID reader that connects with an iPhone (Android support is planned). As with most consumer items the price point will make or break it's success. What would you pay for this gadget? I would consider purchasing the device and a stack of tags for about fifty dollars. If the price is far above that perhaps a rental program could be of use.
Follow their progress on Twitter and Facebook.