There is a catch, however: it looks like it's only available for the Desire HD and Desire Z phones, which should be going on sale any day now. I signed up for it and attempted to use it with my plain ol' Desire, but didn't have much luck.
If you do upgrade to one of HTC's latest Android phones this month, the free online management service is well worth a look. It stores all forms of communication, so you can find text messages years later. It has several iPhone-like abilities too, including remote wipe if the phone is stolen, or a simple "call" feature if you can't locate your handset. [HTCSense.com via @CoolSmartPhone via AndroidCommunity]