The cops wouldn't have been able to do much, and they probably wouldn't have cared. I once found an 80gb iPod on the street in Brooklyn - brand new. I took it to a cop and he just said "congratulations".

Overworked and underpaid. The cops, especially in a place like Chicago, don't have the time (or the inclination) to search for a few hundred dollar piece of consumer electronics.

Plus, I don't imagine a blue circle on a Google map would convince a judge to issue a warrant.