Yes, the reviews are correct. When it goes out of range or if I switch off Bluetooth on my phone, both the iTag and my phone starts beeping. Kinda annoying.
Right now, the funcitonalty seemed limited. There's not much that you can do with this. You can just check locations the iTag's location, take pictures with it, use it to find your phone. I haven't checked whether it saves the location when your phone is not connected to it. Will try that.
But then again, you get what you pay for. It works fine and does what it is supposed to do and that's fine for me. Hope this helps 
