Wow, now I have to try this too.I found this thread while looking for information about growing U. graminifolia immersed.
Terrestrial Utricularia produce lots and lots of tiny, orchid-like blooms. (Some species do this more easily than others, though!) Here is a picture of one of mine in September, 2007:
Easily as pretty above water as underwater. Anyone growing U. graminifolia in their aquarium should consider growing some emersed, as well.