The locate if lost and wipe feature are the two most important features offered for any type of software.
If you just misplace your phone and need it to ring a few times to find it, that is useful. If you lost it while in a park, in the desert, etc., the locate GPS funciton might help you locate it.
However, if your phone is stolen or lost a long way from home, a TOTAL wipe of the system is what is needed.
You will probably have a better chance of having your phone returned if you call the person, and give them the GPS coordinates or address where the phone is assumed to be by the software GPS locator, and ask them to return it.
Police will not go out and check door-to-door in a neighborhood to find your phone based on a GPS location from this software. I'm not sure if they would go to an exact address if you actually had one. And if they went and the person said no, they do not have it, the police are powerless to do a thing, unless they obtain a search warrant. I can assure you, unless you are the President of the USA, no judge will issue a search warrant for your phone.
Same goes if the phone is shown as moving down a highway; no roadblocks will be setup.
Therefore, the best part of any software is a complete wipe of the phone. I mean something that wipes your complete identity, not just the contacts, but everything, including the operating system software. Make the phone totally worthless to the person who stole it or found it and does not call to return the number.