I was shocked, but when my wife's iPhone was stolen at Walmart we got it back the same night.
Find My iPhone tracked it to an address and after about an hour wait Houston PD sent an officer to meet me down the street. Based on the Find My iPhone map viewed on our iPad, he was confident enough that it really was in that house to go knock on the door at midnight.
About 20 minute later we had the iPhone back and all the information on the thief (Walmart employee). We went to the store the next day and she bought us another Otterbox case to replace the one she threw away. (I had a nice chat with her store manager right afterwards.)