Stolen iPad & Find my iPhone, what's the best way to proceed?

blueroom

macrumors 603
I was at a local coffee shop this afternoon when a lady sitting near me asked if I saw what happened to her purse. Unfortunately no one noticed it being stolen. She mentioned her iPad was inside and I told her to see if she could locate it with Find my iPhone (she did have it enabled on iOS 7).

How should one proceed? Would you enable just lost mode, Erase iPad or both?

Lost mode:
  • what does it do?
  • would you enter your phone number if you knew it was deliberately stolen?
  • will it prevent the iPad from being restored, even a DFU restore
Erase iPad:
Does this lockdown an iPad so it cannot be restored or ever used again without a passcode?
 
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