I lost my iPhone back in November (no insurance, no sympathy please) and i also have a mobile me account. my phone was activated to be used to mobile me location finder. Only i didnt think about the order in which i should have wiped and blocked my phone with O2. I called O2 to block the SIM straight away - didnt want some idiot running up huge bills or phoning dodgy people on my number. Got home, thought, oh, ill remotely wipe my device, that'll make me feel better. Only occurred to me then that the phone recieves the command to wipe via the network.
😡
Still, the handset was also blocked so whoever decided to not hand my phone into lost property (was at a gig when I lost it) couldnt have had too much fun on it.