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All About Microsoft posted a news story that Microsoft is going to offer a free Find My Phone feature for Windows Phone 7 devices



Company officials announced the new feature, which will be available via a new Windows Phone Live site, on July 13, the second day of the company’s Worldwide Partner Conference, attended by more than 14,000.

The new Windows Phone Live site will provide WP7 users with a 25 GB of SkyDrive storage, plus a central place to store and view photos, share Windows Live calendar contacts and exchange files and documents.
  Microsoft to offer free 'Find My Phone' service for Windows Phone 7