I lost 3 time my iphone. From 4s to 5 and latest is the 5s. The apple "find my device" is to let you lock your device and try to located. It not useless, but don't aspect to get your iphone back. Atleast it never happen on me before. I do make police report online. Also not useless, but the inspector don't help you look for iphone. The police report is good incase there is a murder and your iphone is on the scene. Prevent you from been unnecessary suspect.
So in the end, you will end up getting another phone.