What about this from Lostpedia:
The three capitalized letters of the recipient and sender on the inscription (NRG) stand for ENERGY

__________________

`Dear, dear! How queer everything is to-day! And yesterday things went on just as usual. I wonder if I've been changed in the night? Let me think: was I the same when I got up this morning? I almost think I can remember feeling a little different. But if I'm not the same, the next question is, Who in the world am I? Ah, that's the great puzzle!'

-- Alice, from “Alice’s Adventure’s in Wonderland”

Holy crap Queen, i was just going to post that... NRG... I thought that was kind of funny. I do believe it's either a locator/beacon, or a piece of jewelry that marks you as some sort of secret society member. The inscription is a cover for prying eyes.

maybe its the same bracelet, I have a feeling Sayid, knew Naomi before they got to the Island, maybe the RG stands for the Republican Guard, he took it off Naomi, and gave it to Elsa in the future.

__________________
Baby I am tied to a tree in a jungle of mystery. I just got tortured by a damned spinal surgeon and a genuine Iraqi. 'Course I'm serious.

The "N" could also stand for Nadia - Sayid's former love..... just a thought...

__________________
help me, my brain is lost....

good point Anna, I'll go with Nadia too, that would make a lot of sense

__________________
Baby I am tied to a tree in a jungle of mystery. I just got tortured by a damned spinal surgeon and a genuine Iraqi. 'Course I'm serious.

An interview with Cuse and Lindelof said that sometimes a bracelet is just a bracelet. That the two in this episode are not really connected... which seems kind of odd. If there is no deeper meaning or significance, why show the inscription, why have Elsa wearing the same bracelet... I dunno.

I keep saying that we should not be listening to Cuse and Lindelof. What they say about upcoming plot points is unreliable. It is obviously not in their best interests to "let the cat out of the bag." They need to keep some information to themselves, be evasive about some info, deliberately mislead about even more info. Pay no attention.

__________________
"Helen, do you remember that authentic Australian walkabout I told you about?"

THANK YOU PotPie!!!! You have crystallized by thoughts perfectly. If people listened regularly to the podcasts they would understand that those two say contradictory things all the time.

__________________

`Dear, dear! How queer everything is to-day! And yesterday things went on just as usual. I wonder if I've been changed in the night? Let me think: was I the same when I got up this morning? I almost think I can remember feeling a little different. But if I'm not the same, the next question is, Who in the world am I? Ah, that's the great puzzle!'

-- Alice, from “Alice’s Adventure’s in Wonderland”

yah, how could two identical bracelets in this case be "just a bracelet?" nice try.

speaking of naomi and such - i too keep wonderig why sayid keeps looking at her so intently and why they keep showing her body. seems suspicious.

and why would he have given Naomi's bracelet to Ilse? He was using her to get to her boss...I don't see any motivation, personal or professional. I'm not saying ya'll are wrong, I'm just trying to think out the motivation to that idea. It doesn't gel.

I think they both had the same bracelet, showing that Naomi and Ilse were working fro the same guy. And it's too particular to be "just a bracelet". I'm in the camp of thinkers who say it's some sort of tracking device and the inscription is literal.