Apple announced the service Find My iPhone for MobileMe users and this service has now gone live and enables the iPhoner to with a quick toggle of a preference pane in iPhone OS 3.0 your iPhone gears up for several types of lost and found scenarios.

Find My iPhone does what it says on the box, and delivers a good location estimate and sends messages to the handset along with sound even if the handset is turned to silent, unfortunately though the audible is a type of sonar ping which makes it difficult to locate.

And we have a video demonstration for you showing just how Find My iPhone works so check it out below.