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I use Lookout Security (free). I'm not all that worried about viruses/malware from the Market, but it doesn't hurt. I hope I never need it, but it will also locate my missing device if needed.
I use Webroot (available on android market). You can wipe your lost or stolen phone remotely (like use another cell with text capability). You can lock it down completely. You can set it up to screem that only a battery pull can cease (nice feature for the Razr).
I have an app that discourages attacks (via a high frequency signal) from elephants and rhinoceroses. Works like a charm. I've never even seen an elephant or rhinoceros in my neighborhood since I installed it. Anti-virus software on android devices are similarly effective.