What the heck is Elf on the Shelf?

It's November 10th which means every single store is loaded with Christmas stuff already. But I can't lie, I absolutely love it! The music, the ornaments, the warmth! Our family loves the holidays and we go all out! We sing, we bake cookies, host Christmas parties, decorate inside and out. This last week while out at the mall, I notice that every store we went into had a huge display of these Elf on the Shelf boxes. I've heard of it but it's probably the one tradition we've never taken part in. What's the deal with elf on the shelf? 

A gentleman in the store saw me reading the back of one of the boxes and asked my daughter if we have an elf of our own.

"No, what does he do?" 

"Well you adopt him, take him home and give him a name. Once you name him he is filled with Christmas magic. He can now fly to the North pole every night and reports to Santa what you and your family do every day. He's also known for getting into mischief so you might wake up and find him in some pretty funny situations."

Me thinking (umm what? what does that mean?)

So I went home and looked it up and WOW that seems like a lot of work! From making snow angels in sugar to zip lining across the livingroom, to making his own pancakes, and toilet papering the Christmas tree!! Of course our daughter has not stopped talking about this Elf. "We HAVE to adopt one mom! I want to see what he gets into!! *SIGH* But you know what?? I think we're up for the challenge. This family is pretty darned creative and we could really have some fun with this. 

Any suggestions? Is Elf on the shelf  a tradition in your family??