Recently there is an article on BBCool and it clearly mentions that the even law enforcement will not go after the person if you tell them about the lost BB's location (Too complex)
So I think BB Protect is only as good as if you dropped it on the hiking trail or at the parking lot and still there but I dont think you can use this tool to retrieve your device using law enforcement.
The only way that law enforcement will get it for you is if you get the live screen shots of the device and proof the the new user is using it in real time.
Something like Lo-Jack I wish they have BB-Jack -
