I never keep the tag on. It is really a swatch for you to test out different leather care and spray treatments.
You saw an LP in real life? What kind was it? I have seen three, one in Dallas and the other two in San Diego. I saw a large Sydney bag in silver in Dallas and the medium tote and I think the other was a shoulder bag in San Diego.
We need to make a "LP - Sightings in the wild" thread. Unfortunately, there probably wouldn't be a whole lot to list. I have yet to see any.