Erased iPhone

Once erased there is no longer any ability to remote track it. As long as the device remains listed under your iCloud account though, activation lock will prevent anyone from activating it and using it.

Sending the signal to erase your phone from the Find My iPhone app does, indeed, erase the phone.

If you have a backup of the phone available on iTunes or iCloud, you might get some - or most- of what was lost.