Founder Paddy Tan (whom I’ve interviewed before) explained that they are just down to a few more features then it all depends on the iTunes App Store approval process before it’ll be available for download. Not sure on pricing yet.
As seen from the video, the anti-theft app will protect your iPhone with a password, lock away confidential information, and alert you via email as to its physical location using the iPhone’s GPS and Google Map. Not sure how the iPod touch will achieve this, perhaps through listing nearby wifi access points.
So far it looks pretty functional and given the investment most of us have made for our iPhone, this looks to be a must-have app. You can sign up with their mailing list to keep in touch.