Here's some of the features...
Locate and ring your misplaced device
If you ended up dropping your phone between those couch cushions, Android Device Manager lets you quickly ring your phone at maximum volume so you can find it, even it's been silenced. And in the event that your phone or tablet is out of earshot (say, at that restaurant you left it at last night), you can locate it on a map in real time.
Protecting your personal information and data
While losing your phone can be stressful, Android Device Manager can help you keep your data from ending up in the wrong hands. If your phone can’t be recovered, or has been stolen, you can quickly and securely erase all of the data on your device.
Android Device Manager will be available later this month via an app and the web for devices running Android 2.2 or higher.