Nice idea and all but do they really expect people to want to have some big thing strapped onto their pet at all times? I doubt that tracking system is small and light, so it'd probably bother the animal. Maybe it can be modified into some smaller chip that can be surgically put in and be tracked with any electronic device (such as computers and not just cellphones).

But yes, this is a good idea, I hope the will work with it and elaborate it a little more!

And for the idea about using it to hunt