Verizon has its own Mobile Recovery software offered through their Asurion total recovery insurance. It's like "Lookout" where it helps you find your phone, locks it remotely, etc. However, the Verizon version is free.
Am I being paranoid when I wonder if I should give Verizon/Asurion the ability to locate my phone? I know there are 3rd party versions of this but I thought I would toss this out to see what you guys thought.