You can actually stop a remote wipe from the phone itself, depending on whether you get in early enough. It worked for me anyway. I remote wiped my jb phone to see if it would work. Then, after waiting hours for it to get over the "spinning white circle" screen, I decided it was taking too long. Restarting the phone would give me a 30 second window before it went to the white spinning circle screen again.
Tried to restore from backup to no avail.
The only thing that ended up working was:
1. Hold home/power buttons until iPhone resets
2. AS SOON as iphone lock screen loads, unlock
3. Go to settings
4. Go to iCloud
5. Scroll down to the bottom of that screen and select "Delete Account"
The phone will probably restart automatically at that stage.
Then, business as usual. You just can't use the iCloud account that was used to 'remote wipe' the phone. So you may lose contacts, calendars, but all apps and music is still there.