I lost my iPad - on a subway train. I was side-tracked when getting off and forgot to nab it from it's place right at my side. I was lucky that in the end someone did turn it in at the main office of the subway company, and I was able to get it back. But here's how my experience went:
I have MobileMe, so I immediately had added my iPad to the "Find My iPhone" app. I also set the wi-fi to always be on, and to automatically connect to new networks to maximize the likelihood that it would be found if need be.
First thing I did was to start watching that app like a hawk - if someone picked up the iPad, I figured they'd attempt to connect it to a network first thing, at which time I'd note the presence on the app. I never saw it come up, which left the possibilities that it had been wiped, wasn't in the presence of a network, or wasn't being turned on. I hoped it was the last option.
I also have the 4-digit code in place, set at 5 minutes. I realized, however, that really this would only force the finder to wipe the iPad in order to use it. I hoped that wasn't the case.
I called Apple. Yes, they said that the wi-fi didn't have a GPS chip, and that it solely utilized wi-fi signals to triangulate position. (I figured that out, though, shortly after realizing I had forgotten the iPad - it was just wi-fi after all. And, for those of you wondering about GPS chips in phones - it's the law in the US now. All cell phones have to be E911-capable, meaning that law enforcement has to be able to find you by your phone if you call 911, meaning that all cellphones now have to have GPS chips - not merely location services. That does NOT mean that all cellphones have to have apps to utilize that GPS, so you may not even be aware that your phone has it. Since the iPad is not a cellphone, and it's not capable of calling 911, that doesn't apply here.)
http://www.legalaffairs.org/issues/July-August-2003/featurekoernerjulaug03.msp
Apple informed me that they could put a note in my warranty information that the iPad had been stolen/misplaced. They were quite clear that they could take no other action, but that if someone came into an Apple Store, happening to seek assistance from a Genius, say, that the Genius might see the note on the file and take action (such as calling me to find out if I still was missing my iPad). There was no guarantee, and there is no given procedure, so it just depends on the situation and the person who may or may not get the message.
I then called the police. They took the report, then had me call another number and ask for a detective - because I had locator software installed on the iPad. The detective informed me that because I had the MobileMe set up, it put a priority on my case. It was up to me to watch for the iPad to appear on MobileMe, but if it did, I should get a screen shot, and immediately call them to give them the info. Assuming they weren't working on a murder case or something, they'd be right on it, headed to pick up the device. Now, I would not have known this had I not informed the 1st officer that I had tracking turned on.
Again, I was lucky because mine was turned in. Now, I have a Pacsafe bag that I carry my iPad in when I leave the house. Pacsafe makes lockable or "snatch proof", slashproof bags that look like regular luggage, carriers, or purses (among other things). Their stuff is available online or in various sports stores. I highly recommend them. (Oh, and for the person who had their iPad snatched from their backpack, Pacsafe has backpacks with lockable zippers and "hidden" zippers that make it difficult for people to do just that. I became aware of Pacsafe while looking for backpacks to carry during a year-long trip to Europe/Asia - their products were perfect for our needs and protected us more than once from pickpockets.)
http://www.pacsafe.com/www/index.php?_room=3
Good luck, and may all your mobile devices be safe in the future!
