In addition to letting you locate your phone on a map, send it a message, or cause it to make a noise like with Find my iPhone, this app also sends you your phone’s last location before its battery dies. Furthermore, it has a security lookout which lets you know if malicious processes are detected on your device. On my phone, it indicated that I am jailbroken which makes it possible for “malicious code to run on your device that it would normally be protected from.”
With the premium version of the app, which costs $2.99 a month, you can also be alerted when any theft activity is detected (like having your SIM removed, losing connectivity, or being put on airplane mode.)
In addition to all of the features above, this app also backs up your contacts and makes them available for download from Lookout.com. Find my iPhone does the same thing, but it doesn’t let you download your backed up contacts.
Room to improve
I highly doubt that this app will ever detect “malicious” processes on an iDevice. For an app to be able to do that, the device would have to be jailbroken for it to pull device process information in.
If you’re looking for an app that will alert you of possible theft activity with your phone, then this is the one to do it with (for $2.99 a month). Other than that, Lookout is basically a free app that will tell you when it’s time to update your iOS version and other similar but obvious things.