My daughter lost her 6-month-old, first and only iPhone today. She first thought she'd left it at school, but after going back and looking for it and then logging into the cloud, it became clear that it's across town.
She may have left it on the (community) bus or it may have been lifted from her on the bus. I have filed a police report with our town police, but since the app was showing that the phone was outside our town's jurisdiction, I also phoned the county sheriff, who agreed to meet me and see what the app said, to see if he could knock on someone's door for me. Turned out the pings were coming from an area of high-density apartments, so no doorknocking was forthcoming from this sheriff. Subsequently, I have witnessed the phone being at a Best Buy. The thief (or, possibly, the "finder") is probably buying accessories for it. I called our town police back so they could add that info to the police report. But, seriously, what can be done? The app doesn't show actual addresses. Has anyone had this happen with a stolen phone? Of course, my kid put it right into "lost" mode, I've suspended the Virgin Mobile account, etc., so I think we're "safe," but, am I ever going to get any satisfaction from the combination of "Find My iPhone" and the cops?