It's been a week since Google introduced Android Device Manager for letting android users tracking Location of their Android Device have misplaced or lost it from the web , it allow the users to Wipe their phone data incase they don't want the theif to access their data, it also allow to ring the device in full volume overriding their any silent or vibrate setting incase it has been misplaced.
For this feature to function you need change the settings on your Android Device by enabling location services and opting to Android Device Manager option in the Security settings.
It is available for device running Android version 2.1 or above.
It seems to be available in settings once the play store is updated.
As far as the remote wipe feature is concerned you just need to use 'Erase Device' option and then you will be given a warning and after you confirm it your device will shut down and reboot into recovery and
preform a factory reset.
Note: You won't be able to track the device once you use this option since you will be not be signed to google services anymore.
Although the feature is promising it can be result in unwanted loss of data if someone gets control of your google account linked with your android smartphone so make sure not to share your password with others and enable the two way authentication on your google account.
Do let me know if you have enabled it in comments and feel free to ask any tech related questions.