The main things you can't do in Lookout is lock the phone remotely, lock the phone automatically if the SIM is changed, wipe your phone and also control all of these options using SMS from buddies phones (that you can set). Wavesecure also logs all call data so you can see what numbers have been dialled/received. It also has an extra security option so if wavesecure is uninstalled by a thief it locks the phone automatically with a secondary program that is installed, and visa versa.
I guess if you change your password in gmail then the phone will not be able to access your emails but if any have already been downloaded then these can probably be accessed.