Do they call it the Bug Knife because it's so tiny or because it's been designed especially for killing bugs? I mean, we have insect-blasting shotguns now, so you never know. Hot summer day on the patio, cold beer in my hand, horde of flies at my head; I'd take a stab at them if Spyderco told me their little flat-ground blade had honed skills for the takedown.
Musings on semantics aside, the Bug is probably so named for the first reason. At just 0.4 ounces and 2.875" long when open, it is one of the smallest fully functional slip-joint folding knives you'll see. Its blade is made of 3Cr13 stainless steel and handle of satin-finished stainless. The Bug has a non-locking design, meaning when its blade is extended and in use, resistant pressure holds it open at the pivot area.
With enough surface area to add an engraving and a lanyard hole sized for a necklace chain, the Bug Knife could make a swell (and cheap!) gift for the right recipient. For example, me.