A long while back, on a early Saturday morning, I was awoken by my doorbell and accosted by an angry father of a crying daughter who had had their iPhone stolen by someone at a bar the previous night. Well, "Find My iPhone" showed the dot location of the phone was my house, so it must be me... turned out it was a neighbor two houses down - thanks Apple.
The best GPS resolution available to civilians is about 8 meters (26 feet) - and that's under the best, most ideal situation using the best GPS receiver and a large antenna... things a small cell phone in a pocket or bag doesn't have.
Cell tower triangulation isn't much better either... although the two used in unison can provide better resolution, but still far from good enough to pinpoint an exact individual, or even house (if the device is near an exterior wall, it may appear to be in the neighbor's house).
Police can't exactly go up and search people on the street because some Apple service says somebody within 20-40 feet or whatever might have the device - doubly so for searching a vehicle or house without a warrant.
So, while these devices are great for personal use - they probably cannot be used for real law enforcement purposes.