jynxthecat wrote:
A quick format would serve no purpose from a security standpoint.
Actually, yes it would. A quick format could make the iPhone useless to the average thief, especially if a formatted iPhone could only be restored at an Apple store (I'm sure they could figure out how to do this). A formatted iPhone might be more likely to be turned in or thrown away, which obviously increases the security of your data tenfold (your data is more secure if no one is trying to access or even knows it's there). If it could somehow follow up with a low-level format, that would of course be great. If someone was really interested in your data, they would need only to crack the case open and disconnect the power before the low-level format really got going, so it would be easy to circumvent. The remote wipe is going to be almost entirely ineffective against someone who really knows what they're doing (if fact, they'll have all your data before you even realize the phone is gone and can get to a computer to wipe it). Since it's intended to protect your data in the case of your run-of-the-mill thief getting hold of it, a quick format would be as effective as a low-level wipe.
Again, I'm assuming that the phone was stolen by the 9-in-10 common thief who is just interested in quick turn around for monetary gain, not some hacker who somehow decided to follow you around for the day you left your iPhone sitting out :P
PS Let's not even talk about just popping the SIM card out...