For what its worth, my phone was stolen last month and had Lookout Mobile Security installed. It pinpointed the location down to a few meters. Still the cops more-or-less said, "Oh, that's nice but we can't use that." They said that civilian tracking apps that use the cell network are only usable down to the tower, matter how exact it claims to be. This was in a big SF Bay Area city with a well-funded, adequate, and tech savvy police force.

Your phone tracking software is non-binding and irrelevant in court. It says so in the user agreements you click-through. That said, its nice to have the ability to wipe and lock the device remotely.