Yeah, I can't say I look at my local area's bugs very often though. I guess I'd be content to subscribe to something that emailed me new bugs in a certain rectangle of the map. Most of the bugs reported at the moment are fairly minor and it'd be a long slog to walk out to them and check, so I may not fix any today.
There seems to be a way to get an RSS feed, so maybe I'll play with that.
Bugs which merely involve tags on existing structures (e.g. something says it's a bridleway but actually it's a footpath, or a street is One Way but in the opposite direction to that shown) can often be fixed without owning a GPS. If you think something's in the wrong place or missing altogether you'll usually need a GPS to get some accurate positions.