With all the running around with iOS 4.2, one of the BIG things for users is the fact that if paying $80-$120 to be able to find your lost iOS device seems a tad expensive. But fear not! Apple, as of iOS 4.2, have made Find My iPhone free by creating a new account from the Settings app and verifying your email address. Once complete, you can now use Find My iPhone on a ‘qualifying’ device.
Go to http://www.apple.com/ios/ to find out how to create the free Find My iPhone MobileMe account.