I dropped my phone one day and didn't notice for several hours. That is one awful feeling when you find you've lost something so important and so expensive. Anyway, as soon as I found out, I ran to the nearest computer and logged into Lookout's website and started the "find my phone" function. It led me right to my phone which was lying in the street several blocks away. I was extremly lucky that no one found it or drove over it with their car.
I don't use many of the other functions, but I will testify that their phone location software is extremly awesome and a lifesaver!