In Activation Lock mode can you track the iPhone on iCloud.com?
You can track if only if you don't use wipe mode. It will auto send emails whenever your phone's location changes/updates.
This new security feature really does work. In fact, I can't think of any other way (even DFU mode) can bypass this. It's not gonna be a bad deal to steal iphones with iOS 7.0.
The only thing I have not tried is DFU mode and RESTORE BEFORE I click the "wipe" button on iCloud.com. I think once you find your phone is missing, you should either do a wipe or "lost mode" (which just alows you to post a note with a phone number to contact) -
I do know that I have RESTORED from DFU mode without using iCloud's "wipe" feature, I don't need to activate with my iCloud credentials. So there you go, if you have your phone stolen, quickly issue the "wipe" or else it won't work.
BUT one thing is that IF you just do a normal RESTORE (home button while plugging in your iPhone), itunes will complain you need to REMOVE the "find my iPhone" first! (my first post above tells you this) - but if you DFU mode restore, I don't think that applies.