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http://www.droidforums.net/forum/droid-news/81250-mobile-recovery-service-launched-verizon.html
Was just launched on the front page. I'm not sure if you saw it. It doesn't indeed have a remote wipe feature.
i *think* what the op is referring to was actually touted as a new 2.2 feature in the verizon brochure... and it appears it's meant for exchange/corporate accounts only, not a fully integrated feature of the OS (like wavesecure, for example) - i was looking forward to this as well...
the mobile recovery service is for TEC subscribers only at this point... though that does cover a lot of users!
The benefits of mobile defense are if you put it in as a system app you can activate your GPS via the website and track your device
So I have tried it from my house a few times and with the GPS off I log into the Mobile Defense site on my computer click the "track device" link it sends my phone a text which activates my GPS and then I see my location on the map on my computer...and it is very accurate
I am not sure if wave secure does this or not