Do you get the location of it? In coordinates? How accurate? You get en email or a text message?
Once you put it in lost mode you get a popup on your phone when the item is found and it shows in the Find My Friends app under the "Items" tab.
The location is shown from the device that pinged the tag, so in the case of my test it's about 50 feet off (showing on the sidewalk), but that's more than good enough to get you in the general vicinity and then get your phone to connect directly to the tag and use the home-in feature or tell it to chime so you can find it audibly.