Previously only available through Mobile Me, Apple has now launched its 'Find My iPhone app' on the iTunes App Store (for free) on OS 3.1.3 or later. Once installed the app will find your iPhone, iPad or iPod touch should it be lost or stolen.
If an iPhone escapes, its owner would login (on an alternative device i.e. a friend's iPhone) with their MobileMe account and map their missing phone. They can then remotely lock the device or wipe the data. Previously this was all done through your computer/laptop desktop but with the new app lost iPhones can be tracked on other iPhones/iPads etc
It seems like a perfect product for the clumsy but it does require a MobileMe account and leaving your iPhone on its PUSH setting will not be good for your battery plus there is of course no guarantee you will be reunited with you phone.
It's a promising product but hopefully someone will come along and use the idea to create a quick, free and easy app. It's certainly necessary in today's world of expensive phones and busy lifestyles.