Google announced last week that it was going to roll out a new service called Android Device Manager which will let Android users to track their phones online and remotely erase them if they cannot be recovered. Moreover you could also make your phone ring at its loudest volume even if its silenced.
You can ring and locate your device through the online web interface of the service at android.com/devicemanager but to be able to reset your device you would need to enable the option through the "Google Settings" app. Its quite minimal in its feature set, considering this functionality has been available on the iPhone for years now.
Well its a start and we hope for several more features in the next few months.
