All you have to do to a Verizon CDMA iPhone 4 is first, enable airplane mode. Second, do a factory reset FROM THE PHONE. If you plug it into a computer with internet, certain apps will immediately record identifying information about you and send it to the necessary parties. NEXT, set it up with YOUR Apple ID via a wifi network. The quicker you do this, the better your chances of not being caught. Property value is in fact a trivial amount for authorities to consider investing time and resources to recover the device so by doing this, your putting the owner at a serious disadvantage as the Find My iPhone app is operated and managed via a persons Apple ID. SIM card or not, block the service providers 3G/4G network access, and you have yourself a pretty cool iPod touch IF you manage to accomplish all of this before the owner can remote lock the phone and track the location. It is possible. For those of you trying to keep your hands ON your gadget, PUT A DAMN PASSCODE ON THE THING TO BEGIN WITH! It's a simple procedure. Just do it. A thief will in most cases look at the phone and realize, "HEY! My dumbass can't do anything with it anyway. Screw it!" and either leave it be or collect some karma points and return it to the location where he found it or the police.