So I've been using the Cobra Tag for a day now, I thought I would post my first impressions of the device:
It's about the size of a normal key fob, I was worried it would be too big, but It hasn't been bothering me. the device CANNOT connect to the phone without the app. The phone can see the tag, and I can try to connect to it, but it won't connect and activate the trusted devices setting without the app installed and running (adds a persistent notification and icon). I'm actually not bothered by this, because I planned on using the tag for it's actual purpose in addition to being a trusted device. There is a button on the device to find the phone, and a button in the app to find the tag. Both worked almost instantly every time I tested them, but the speaker on the tag is not very loud. I've only tested the separation alarm once, but I was about 150 feet from the tag when my phone started beeping, and I also received an e-mail with a map of the location where the devices were last together.
Overall, I'm pretty satisfied with the tag, but it's not the solution if all you want is a trusted device.