> Wouldn't a thief that knows enough to ask you to do a factory reset also know to ask you to disable Find My iPhone ?
No idea, I guess not! This was several years ago, I think Find My iPhone was relatively new.
> I mean you're even prompted to do so during the "erase all content & settings" process, right ?
I don't remember being prompted.
They might also not have been that smart. In addition to my phone and cash, they took my debit card (I was able to convince them to let me keep my various other cards like driver's license, train pass, etc.) and asked for my PIN, but I just called the company and canceled the card within the hour. They didn't take any of my credit cards, my (admittedly cheap) headphones, or (fortunately) think to check my backpack with my $1000+ work laptop in it.
I figured they were looking for a quick buck, and it was easier/faster/safer to just grab the cash and the phone than to be thorough and risk someone wandering or driving by. I am also very lucky, I know people who've been robbed in that same area and got beaten up pretty badly, even while trying to comply.