As the name suggest, it is just not for the iPhone, you can find any of your Apple device like iPhone, iPod Touch, Mac and of course your iPad. If Find My Phone is installed in your iPad, you can use any Apple device to find your iPad. You can login to any Apple device and login with your Apple ID you use for your iCloud account and the app will help you locate the device on a map.
Once you have located your device and feel like it is not at a really expected place, you can easily play a sound on it, display a message, remotely lock it so that no one can access your private stuff and even you can wipe all the data from it (if really required). Play a sound function comes handy when you have actually lost it around yourself and if the device is in silent mode, playing a sound can help locate the device.
More over that, the app has a Lost Mode feature. Lost Mode will lock your device with a passcode (so that it is not misused) and a custom message can be displayed on the lock screen along with a contact number so that anyone who finds the missing phone can gat back to you about the information of your phone.
It doesn’t get over here. If your phone has changed its locations then you can see that also from Find My Phone app. Recent location history is very useful if the phone is not at one place. To use all the functions, you must enable Find My Phone in your iCloud settings on your device. So it is set and forget.
There is one more feature that must be covered, in case you find your iPhone/iPad and you had sent an erase request, you can cancel the erase request if your phone was offline before it was found. So it gives one reason to not feel guilty after you realized that your phone just went missing and was not stolen.