Police recently cracked a big case involving hundreds of stolen iPhones(iPhone 3GS). PC World recently reported how the phones were snatched from the warehouse The crafty thieves dug a hole in the warehouse in Belgium and took the phones. Supply and Demand always breeds the best in competition and crime. The iPhone 3GS isn't yet available in Russian and many other countries where there is a high demand.
It's likely that most of the phones will be recovered. The Interpol has a list of the IMEI #'s. Yes indeed you can run but you can't hide.
David Pogue of the NY Times recently wrote an article on who pays for the stolen iPhones.