You shouldn't trust the firewall too much, ..as the matter of fact, I disabled it, that's because it blocked my access to the internet, giving me an error about some MAC addresses, so it's not that well built, but I hope it will be, so I can enable it again.
It also has a location feature on the web, where you can locate your cell phone, and it's actually working. Although using my wireless connection got closer to my location (it said accuracy was 2.8km, but it was around 1.5km) but using my EDGE connection, it showed a location with 5km accuracy...and yeap, it was further than the wireless showed.
You can browse the content you transferred on their website, including contacts, messages, pictures. You can change settings from the web on the lookout software installed on your smartphone. For example, I can re-enable firewall from the web interface, I can change backup settings, antivirus settings, and so on. And you'll have 1.5GB of storage, with is more than enough to save vital that from your cell phone. And, they log what your software does on your cell phone like this:
Virus scan completed: Files scanned: 4686. Infected files found: 0. Files quarantined: 0.
Your first virus scan has been completed.
You backed up 97 SMS messages.
You backed up 301 calls.
You added 1 new document.
Anyway, I think it's one of the coolest app someone should have on a smartphone, so I guess you should give it a try.