My wife lost her iPhone today. No PIN. Just finished remotely locking all that stuff down. :/
My wife had hers stolen right about the time one of her clients was busily dodging paparazzi that wanted shots of her "baby bump." Yes, she did have that client's private contact info in her phone. No, she didn't have a PIN either. On the bright side, you don't have to call someone on the cover of People Magazine to tell her she needs to change her email address and phone number.
So my wife doesn't know it yet, but on 'find my iPhone' her phone just popped up at my mother-in-law's house across town. My mother-in-law was babysitting at our house today. Somehow my wife convinced herself that she lost the phone at the park, and somehow it was turned off and got to my mother-in-law's house. Oh, and the grill was left on. My daughter said: "Momma cooked vegetables at lunch".
Beats mine. My wife dropped it on the sidewalk by accident and in two minutes it was gone. Exchanged texts with the guy; even sent him a photo of me holding two Benjamins and offered an exchange. Got him as far as the Airport before he chickened out. Fucking LA.
The best part is if you have the phone, there are probably thumbprints on it and copying them is quicker than brute-forcing a password.