I was a bit confused by the bracelet. At first I thought maybe Sayid had given it to Elsa to wear since he did take it off of Naomi. Did we get to see any inscription on the second bracelet? It reminds me of a dog collar.... something that marks the owners spot. The words "I'll always be with you..." makes me think that it is a homing device so they can be tracked...or that it is a transmitter so that someone else can be there with them so to speak. It seems like code to me.