lucky me, i was robbed on the lobby of where i live by three dudes at gun point, i literally had a gun pointed at my head, they took my iphone 4, wallet and 6 dollars (i don't carry cash).
If it's any consolation, I feel your pain.
🙁 I wasn't robbed at gunpoint, but back in March someone busted into my car when I happened to have all my gear packed into it for an off site project. My Macbook Pro and a couple thousand dollars worth of camera equipment and lenses were stolen.
Shortly thereafter, I did something stupid and left my iPhone 3GS some place, and used mobileMe to lock it down and display a message indicating a reward. I also got the location of where it was. Sadly, all that did was attract the attention of someone who chose to take the iPhone home with them and wipe it clean. I'm presuming they kept it or sold it.
In both cases, the police were of no help at all. They were more than happy to take down serial numbers and document the loss, but aside from that all they could do was remark that these cases are on the rise thanks to the poor economy, And they really weren't going to go out of their way to recover anything.
As for the iPhone: even though I could use MobileMe to track where I left the iPhone and show that someone had taken it home with them, even showing them a map of where the person took it, the police did nothing. The response was "well, we're not going to go track down every guy who steals a cell phone."
So yeah, guard your stuff well. I would still recommend MobileMe, because it's still the best chance you have to recovering a lost iPhone. Just don't count on the cops to be of any help whatsoever. You're on your own.