Once you "release" your bug, you can track its progress on the website. Activating the tag creates a web page just for that item. You can post a picture of it, a description, its goal, and view the log entries of those that find or move it.
I have activated my Travel Bug for the "geochallenge" that is mentioned in the below post. It's actually an old electrical connector from a guided missile launcher. This is the umbilical connector that makes the electronic connection between the launcher and the missile. Here's to hoping that its next "launch" will carry it for many thousands of miles!