So, with the new freebie for iOS 4.2, how easy would it be to bypass Find My iPhone? If it's set up via the new email account settings in Preferences, wouldn't a thief just erase that account and completely bypass the feature?
Most thieves aren't smart enough to do that or know how to even use an iPhone which is why they're thieves in the first place. But just in case they are, you have to get to a computer or another iPhone fast to lock it if it's not already locked. Then locate it, and send it a message saying the police is on its way. And if there is absolutely no chance you're getting it, just remote wipe it.
I guess it's a trade-off between convenience and security. I never used to use a password to unlock but once I added my work's exchange server to the phone, I started using one. After a week or so, it's pretty automatic.
Also...it would be easy to unlock my front door with a voice command but until they come out with that, I have to use a key
Ditto. I am a criminal prosecutor and nearly every day I have cases involving stolen iPhones. My favorite was a phone found via the Find My iPhone ping. The kids who took the phone during a robbery had no idea how to turn it off. The police followed the ping and found the phone. Priceless.
My company's enforced Exchange security policy includes a device wipe after 10 incorrect passwords. As valuable as MobileMe is, the second a thief (or even innocent "finder") hits the 10th wrong code, my ability to locate and trace the device is history... That said, since Apple logs serial numbers when activating via iTunes, maybe all wouldn't be lost...