Some of O'Grady's suggestions are obvious, like enabling Find My iPhone (which we have talked about here before), but there are a few more ideas on his list that may surprise you which you should check out. In addition, our very own TJ Luoma has a few more suggestions to maximize your chances of recovering your iPhone, and Steve Sande learned a few things after losing his iPhone a while back. The important thing is to take these steps before you lose your phone so that in the event of loss you are already prepared to try to get it back.
While I don't do a ton to protect my own iPhone, I do use passcode lock, and I do a backup of it each and every day, just in case. Losing my phone would be bad, but losing the data on it would be even worse.