I recently listened to a podcast with one of the people from Bug Labs. I like gadgets and this looks like a pretty nifty one.
When I was a kid I did a lot of hardware hacking, building computers and other gadgets. But I haven't done any hardware for a long time. This looks like something where you could build a "gadget" without actually getting your hands dirty.
I have an idea for a hand held gadget I'd like to make with a GPS. Most hand held GPS units aren't programmable so they won't work. Another option would be to use a cellphone with a GPS but from what I've heard software development isn't easy. And I'm not sure I want to be tied to a particular cellphone, especially if I wanted to resell these gadgets.
A "Bug" seems like a great way to develop a prototype. All I'd need for the gadget I'm thinking of would be the base unit plus the GPS module. They even plan to offer a service to convert your Bug "prototype" to a more packaged gadget that they will manufacture.
Unfortunately, it's not available yet, but the web site says 4th quarter of this year so it shouldn't be too long. And they haven't published any prices yet either.