Even if you do have insurance from Asurion for your iPhone, losing it mean having to go through a copious amount of paper work and shelling out 200 dollars for a replacement. But then again, it doesn't even guarantee you will have all your food pictures and songs, if you had not been religiously doing back up for your device. The best hope for those who have lost their phone and the most improbable one? To track it down and recover it. While Apple has MobileMe (which hovers around $99 a year) and there is the app, Find My Phone, it doesn't really give you a full picture of where your phone went.
For $4.99, TekTrak will let you access your phone's realtime location via any browser, and you can track the GPS of your iPhone remotely. Also, if you let the app run in the background, it will keep a log of all the locations your phone has been to. So, on another application, if you don't remember what happened last night, TekTrak will help you retrace your steps and perhaps other belongings you have lost.
The only conceivable problem with this is battery life, but you can always have Juice Pack on you. Check out a video of the application after the jump.