I have heard too many horror stories about my coworkers and friends losing their iPhones and iPads.
There's an easy solution for that--just set up "Find My iPhone/iPad" on your device. It lets you track down the location of your device and send a popup message to the device with a loud alert tone. If your device contains sensitive data, you may also remotely wipe out the device memory.
It's free and quick to set up, so why not spare a few minutes to set up your iPhone and iPad now: