I found an SG5($700 phone) today and was able to return it to its rightful owner. Obviously she was very thankful for my honesty, perhaps a little embarrassed that she was careless (x 2) due to the fact that her phone wasn't entirely locked down and I had to go in to find information that would help locate her (.e.g name, photo, home phone, etc), although I didn't snoop or look at anything else.
Assume you found a very expensive phone in public and it wasn't remotely traceable/locate-able with security software or you had the means of "wiping it" i.e. you could "get away with taking it", would you take it?
This is more a question of personal ethics and honesty rather than if it is possible to evade detection.
I'd like to think that if I accidentally misplaced my phone and someone had the means or capacity to locate me then they would try to make an effort to return the phone.
Simple answer. You do what exactly what you want someone else to do if they find your lost phone!
This is my lost phone story: http://www.dealon.com.au/losing-expensive-smartphone-feb-201…
Unfortunately, battling through the insurance claim since it was in public place.