From the "Murphy Was An Optimist" Department: If you can lose your iPhone, you will — and at the worst possible moment, too. And do you really want to risk your personal info — never mind sensitive financial or corporate data — getting into the wrong hands?
Of course you don't. That's why Find My iPhone first came out. Once you've configured the app on your iDevice, should it get lost or stolen, you can log onto another iDevice and find out exactly where the missing phone/tablet/media player is. You then have the option of (a) sending an alert message/tone in the hopes of attracting a Good Samaritan to return it, (b) remotely locking it under the assumption it's now in the hands of a Bad Samaritan, or (c) performing a BATTLE ROYALE-style "remote lobotomy" to prevent a Really Bad Samaritan from doing any kind of evil with it.
This is all well and good in theory, but in practice, a fatal flaw emerged: what if the AWOL phone is turned off?
Not to worry! The latest version (1.2) of Find My iPhone will continue to search for the missing device — and, if it comes online, will email you that it's been found. (As a corollary, Wi-Fi-only iDevices will be located only if they're turned on AND connect to a Wi-Fi network…) Still, these are minor niggles for an app that's (1) free and (2) already has several glowing testamonials from happy users.