Tried installing/setting up this new feature. It's pretty good, now I don't have to worry about possibly losing my phone because I can locate it. I haven't figured out everything, so if any of you guys want to share some more information about it I know a lot of us here would appreciate it.
Here's a link to download the app.
Find My iPhone for iPhone, iPod touch, and iPad on the iTunes App Store
How it works
Apple - MobileMe - Find your iPhone or iPad.
How to set it up
Apple - iPhone - How to set up Find My iPhone
This is for FREE by the way, which makes it that much more cooler especially for us Pinoys. Well it's not totally free, the MobileMe trial lasts only 60 days/2 months, but it's better than nothing!