Great topic by the way codered
All the suggestions are great
Heres my input on the topic
If it was used to detect subtle vibrations on the ground, wouldnt their feet be more efficient at doing this as there is more surface area on the sole of their feet in contact with the ground compared to the tip of a little knob
This may sound like abit of a wild theory, but could it be used to mark a trial in the sand, so that it can relocated itself back to its hide after a night of wondering? either by making visual tracks in the sand or the secretion of some form of pheramone

Has their been studies of the presence of chemical cues used in reptiles/geckos etc...
Also it may not serve a purpose at all, it may be as useful as the function of nipples on a male