I don't have a particular paranoia about cops or other government agents searching my things, it's mostly an annoyance about the processes they are allowed to do (such as potentially scanning the entire contents of a smartphone during a routine traffic stop). If I were ever in a situation where they were deeply searching my things to the point of dismantling them or defeating the first layer of security, I probably have bigger issues to worry about at that point.

Most of my worries are more about what happens if i lose a device, or if one is stolen. There are plenty of ways to stop the wipe command from arriving, but I'm not as concerned about the device if they have cut off all network access. It's mostly a concern about what anyone could access directly using the device, requiring it to be online and also receptive to the wipe command. Today, that concern is mostly related to any work related things on the device. Down the road with payment options and other uses of the phone, it will mostly be a desire to prevent fraudulent charges. I already use my phone today to pay for things at Starbucks. I could easily see it replacing my full credit card in the next few years.