Yes, I'm aware that there have been a large number of threads dealing with Air Tags and tracking luggage. But this article from the WSJ is very informative because it incorporates the new features such as "Lost Mode" and "Sharing your Location" and shows how and when to use them.
It also notes the importance of keeping your iPhone and watch updated with the latest software so that the Air Tags can work effectively, and where to "strategically" stash your Air Tag in your luggage (placement matters). Gifted article linked below.