A recent story in the news told of a Dental Hygienist, Susan Rucker, in Richardson Texas who had her iPhone stolen from her office. She quickly jumped on her iPad and used the "Find My iPhone" app to locate where the thief who stole her iPhone was. She then contacted the police who followed the directions from the App and were then able to find and arrest the iPhone thief.
There are many Apps out in the market now to help users track stolen smartphones, you can also find Apps in the Android market for Android phones. Modern technology is making it harder for thieves to steal electronics, then can run but they can't hide.