The story is good, as is the debate...
...but what's the liability to return a device to its owner in California? Is there a law that says not making a good faith effort is theft?
I mean, sure, the article talks about how if you are going to buy a Rolex and the seller offers it for $200, the buyer is supposed to take reasonable steps to ensure its not stolen.
Gizmodo paid $5000 for it (which makes it highly likely they had a reasonable belief the device was from Apple and not for retail sale, and made the exact acquisition circumstances unclear...)
Gizmodo came up with a pretty solid cover story that explained it was left by the employee, and the exact circumstances of how the individual attempted to notify Apple, but...alas! They won't take it back

(Note that this smells to high heaven- but Gizmodo's post on how they asked the seller and how the seller replied seems pretty airtight. And read it before you judge. It was vague enough to cover their asses).
The bigger issue... We talk about Gizmodo's responsibility to make sure the device was not stolen.
Under California Law, is a device considered stolen if one does not make a reasonable effort to return it? What's the maximum extent of the liability of the seller to attempt to return the device? The guy alleges he asked around the bar if anyone knew they guy, and alleges he turned it on and saw his Facebook profile (he professed his love for german beer on his wall while at the bar). Relieved, he claims to have turned it off and planned to get in touch with the kid in the morning, only to find that Apple had bricked it in the morning (at which point he removed it from the case). Up to this point, nothing seems wrong to me (at a bare minimum, I would have tried to contact somebody a little higher up than the CSRs at Apple, and would have gone back to the bar.) At this point...regardless of morality...is it illegal? Is it considered stolen?
Assuming it's legally stolen seems like a HUGE leap to me. Unless a lawyer has already considered my thoughts- I'd like to read a legal opinion on it.