UPDATE: Android Device Manager now added a remote lock feature which enables user to remotely lock the lost/stolen device with a new password. (09/24/2013)
NOTE: if your Android device has power saver feature turned on, you need to make sure it does not disable data connection while in sleep mode, otherwise, Android Device Manager might not be able to locate your device.
Switched from iPhone to Android phone and found out there is no app to locate your misplaced phone as “Find My iPhone” on iPhone? Don’t’ panic, Google finally started developing a service to help Android users to find their devices. It’s called Android Device Manager (www.android.com/devicemanager), once you log in with your Google account credentials, you will see a list of your Android devices and you can locate them as long as the device is online. Currently, the features are limited only to Locate/Ring and Erase, but more features are coming according to Android Official blog. Also a mobile app for the service is under development.
Note: in order to remotely erase a device, you will have to first activate the service on your device: go to Google Settings on your device, then click Android Device Manager, then check “Allow remote factory reset”.