This is real important to make sure if your iPhone/iPod/iPad gets lost or stolen that you will have a better chance to get it back. When this is on it will tell you where it is as long as it is connected to a network, either Wifi or Carrier Service (3G, 4G, etc.).
If you lose your iPhone you can log into another persons iPhone or just on a computer and look to find where your device went. You would just log into the other persons device in a Find My iPhone app or online at www.icloud.com to find out where your device is.
This even helps the cops if your device was stolen. I noticed with iOS 7 that sometimes Find My iPhone would turn off on its own. Just be careful and make sure yours is still turned on.
Don't lose your iPhone/iPad/iPod without having this turned on.
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