Just like its predecessor, the Loc8tor, the Loc8tor light does the same thing, but in a much smaller, specifically thinner package. It has a 122 meter radius and can guide you to whatever you’ve lost within an inch of it.
It all works off of RFID and each Loc8tor comes with a few miniature RFID homing tags that you put on or in whatever you don’t want to lose. Some recommendations would be your wallet, cell phone, or other high end electronics that you take with you on the go.
Personally, I’d probably attach it to the TV remote, my Xbox 360 Media Center Remote (I am always losing that damned thing), and then I have a couple of RC flying vehicles that it would be nifty to have something to help me find their remnants when I crash and burn. All in, it seems like a very useful device, and it will only cost you $80 for one of the new Lite sets, probably less for the original model.