One of the most main iOS 4.2 update(technically iOS 4.2.1) is  the service look for my iPhone, MobileMe feature will be free. However, not available for all devices.

Officially, Apple has announced that Find My iPhone is compatible with the iPhone 4, iPad and iPod Touch 4G.

Has not indicated any reason to restrict the service to certain devices, we assume that the argument will be the limitation of hardware. However, the service itself is available for models like the iPhone 3G/3GS by annual subscription to MobileMe


Note: MobileMe is not free, only Find My iPhone service

Search my iPhone, iPad or iPod touch.
Search my iPhone, iPad or iPod touch, providing MobileMe that helps you find your device and protect your data if you lose it, is now included free in all the iPhone 4, iPad or fourth-generation iPod touch with 4.2.3 iOS When you set up, you can find your device on a map, displaying a message on your screen lock password remotely and delete your data remotely. If at the end you find your iPhone, iPad or iPod touch, you can restore everything since the last backup.

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