Read Lookout's Privacy Statement
Lookout's value is in information, we want information, information...
Lookout includes a mandatory service called Find My Phone. Lookout will not allow you to install the app unless you enable Find My Phone, which allows Lookout to monitor your phone's location 24 hours a day, every day. If you have GPS turned off, don't worry - Lookout's draconian permissions allow it to turn your GPS on and off without your involvement. However, they have worded this on their website very cleverly to make it SEEM like they can only read your GPS if you have your GPS turned on - not so. Read their TOS very carefully.
Oh, I forgot, Lookout can read your phone's contacts, too! If you look at Lookout's permission's list, the application has every single Android permission - every single one. There is not one single Android permission that Lookout doesn't have, including adding and deleting contacts. Lookout has more control over your phone than you do.
I tried installing Lookout bit I did not want to enable Find My Phone. If you do not enable it, Lookout is not enabled. If you email tech support, yes, they will respond, but the link you get requires you to register. If you do not register (Name, email address, postal address, mobile number, etc) you cannot read their response.
If you do not register, you get another email one week later telling you how wonderful Find My Phone is and how to enable it.
One week later you get a support email asking you to fill out a survey. But first you must register, give us your information, information...
It's the "information broker" business model:
Stage 1: Get registered users any way and every way you can.
Stage 2: Collect as much personal information about those users
State 3: Change the product and the TOS to monetize those users information.
Lookout has not reached Stage 3 yet.
I am not a number - I am a FREE MAN!