Think of Bug Labs as high-tech Legos for grown ups. They're a set of snap-together modules that you can put together however you want to create custom gadgets. Sound awesome? It is, it really, really is.
Each module is capable of producing one or more web services, letting you combine them as you see fit. For example, as they say on their website, "you can easily assemble and program a GPS + digital camera device that automatically publishes geo-tagged photos as a web service. Integrating with an online photo-sharing service like Flickr is only a few more lines of code away, and now you have your own real-time, connected traffic-enabled mobile Webcam!" It all sounds pretty amazing, and you can bet that nerds everywhere will go to town trying to outdo each other, making the coolest, most creative devices possible. I can't wait.