You can configure and test Find my iPhone feature as mentioned below. Find my iphone is a very useful feature in new ios 5 from where you can trace your iPhone if you have lost it or it is stolen. If you have used a windows mobile before a similar utility find my Nokia phone is available for Nokia Lumia which works the same way as find my iphone.
Once configured properly you will have peace of mind that in case you lose your mobile or it is stolen, you are in trouble and want your phone back or at least want to secure your device you can make use of find my iphone utility and detect the exact location on map and if needed can delete all information remotely, you can lock your iPhone and you can send alerts to the mobile screen informing the iphone holder that you are tracking him.
How to find my iPhone or find my iPad?
Once you have upgraded to iOS 5 your iphone will be automatically configured for iCloud and find my iPhone. If not configured you can go to Settings —-> Mail,Contacts, Calenders —> Add Account —> MobileMe —> Type Apple ID and Password and Tap Next.
Now MobileMe account is created and you can go back to see it in the accounts list i.e. Settings —-> Mail,Contacts, Calenders —> MobileMe. If your MobileMe account shows “Not Verified,” check your email for a confirmation message from Apple and visit the link or other instruction to verify. Click Verify Now and sign in with your Apple ID. Finally turn ON the Find My iPhone feature in MobileMe. Now your device is configured.
If you want to test whether it is working or not you need to visit mobileme.com from any computer. You will see below screen now login using your iCluod/iTunes account and you will be taken to next screens as below which are self explanatory and you can understand how find my iphone works.
1. Play Sound or send message: You can type a message to display on iPhone screen and play a continuous sound.
2. Remote Lock : You can lock the mobile so that no one can use it.
3. Remote Wipe : You can wipe all data on the phone so it will be empty (use only if you have no hope to find it back)
You can also change the map display to three modes i.e. Standard, Hybrid and Satellite.