As we like to say around here, what's good for the Apple is good for the gander. Indeed, if it's ever lost, you can remotely wipe your own phone as well.
It's a surprisingly powerful service. WaveSecure backs up your phone's contents to a secure online server, making it easy to restore in an emergency. If your phone is stolen, you can remotely lock it or wipe the data. And if a thief tries to replace the SIM card in your phone, no dice -- the phone will be inoperable.
You can configure your phone to sound an alarm and display a "return me" message on the screen. If your phone has GPS, you can even use it to track the device.
WaveSecure costs $19.90/year, which is a small price to pay for this sort of handheld security. Of course, you probably noticed -- no iPhone support. Of course, iPhone owners can take advantage of Apple's MobileMe.