Travel Radar is a new iPhone app that lets you track your luggage using iBeacons. By measuring approximate distance from the beacon to your iPhone, Travel Radar can fire off a notification when your luggage is nearby, allowing you to easily identify it and pick it up. The app can track up to two pieces of luggage within 20 meters, and it's $1.99 on the App Store.
iBeacons seem perfect for this kind of short-range smart tracking, which has gotten better with iOS 7.1. The developers of Travel Radar have detailed a few options for consumer beacons in a blog post – they recommend the Estimote Beacons, which I've also been considering to tinker at home with a few ideas I have (see this).