I liked the original FileVault, but not FileVault 2 because it only allows a very limiting Guest account. I employ the following measures for preventing against theft:
1. Buy Orbicule's Undercover. It allows you to take pictures and screenshots, log keyboard typing and locate the laptop through wi-fi. Just create a "bait" account allowing the theft to play with your laptop.
2. Register your laptop to iCloud. You'll be able do wipe your data, locate your device or lock it.
3. Set up a firmware password (Command + R) at startup. This will make impossible to do a clean installation in the stolen Mac.
Keep your sensible data inside an encrypted sparsebundle. Set permissions to the umounted bundle (e.g. chmod -R 700 ./my_encrypted_bundle). Also set permissions to the mounted bundle (e.g. chmod -R 700 /Volumes/my_encrypted_bundle). Only NSA or some professional spy will scan your RAM for encryption keys (if your laptop was stolen while sleeping), so I think your data is pretty safe against thefts this way.
In short, have an anti-theft software, create a bait account without password, use iCloud for 'bricking' your Mac and setup a firmware password to block clean OSX installations.
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Undercoverhq.com
I have this installed on all the family macs.
Me too. It works nice (from time to time I perform a theft simulation) and it's a 1-time purchase only. No need for renewing licenses.