The news just fell thatiOS 4.2 will be available later todayiOS 4.2 is available for download. One of the big news about iOS 4.2 for iPhone is that it’s coming with afree access to the Find My iPhonefeature, which was previously part of the $99/year MobileMe.

Now that Find My iPhone is free, I’m wondering what makes it compelling to still pay 100 bucks a year for MobileMe, a service that you’re able to pretty much substitute for free byGoogle Sync.

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This being said, here are instructions onhow to set up Find My iPhone on your iPhone, no strings attached…

The free Find My iPhone feature is available for iPhone 4, iPad or new iPod touch (4th generation).

UPDATE:you may nowset up Find My iPhone on older devices as well.

Setting Up Find My iPhone

Step 1:Update your iPhone toiOS 4.2. Note that if you rely on your jailbreak/unlock, you should stay away from iOS 4.2 for the time being. If you don’t care about the jailbreak/unlock, you may proceed to the next steps.

Step 2:Go to Settings > Mail, Contacts, Calendars > Add Account > MobileMe.

Step 3:Enter your Apple ID – username and password (the same you use for iTunes). If you don’t have an Apple ID yet, you may create one from there. If you already are a MobileMe user, you may enter your .mac or .me credentials. When done, tap NEXT.

Step 4:Check your emails for a verification message from Apple. Click the Verify Now link in the email, and sign in with your Apple ID.

Step 5:Go back to Settings > Mail, Contacts, Calendars > MobileMe and turn Find My iPhone ON. A confirmation message will appear. Tap Allow to finish the set up.

If you ever lose your iPhone, you cansign in to me.comusing your Apple ID, which will let you locate your iPhone, have a message display on it or remotely password protect it. Additionally, you may install the Find My iPhone app on any other iOS device.

Now that Find My iPhone is free, will you be using it?