When you link your device to a itunes account it should recognise it and have the serial number of the device .If it gets stolen we should be able to report it and apple and owner should be able to disable it or view the new person using it .

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Answer 1

Can't disagree with you, but we're just fellow users here and can't do a thing about your issue. your comments are better directed here http://www.apple.com/feedback/
Find my idevice isn't a bad app, but it has a fatal weakness in that it can be defeated in a matter of minutes by a knowledgable thief.
There has been initiatives by cellular companies in other countries, that I think are making their way here, where devices that have been reported stolen to the police can be blacklisted - as in barred from being used on the telephone network. This was done to curb sometimes violent thefts of phones. It's done in other countries, and there was a talk of doing it here in response to people sometimes being beaten up or harmed or attacked to get their phones. The hope is if the phone is blacklisted, then it's 'worthless' once it's stolen and that can curb thefts.
However, while there is that precedence for phones, there's nothing for electronic devices like the iPad. When/if it ever happens, it needs to be an initiative Apple starts or participates in. Your best bet is to let Apple know your concern and see if they choose to do anything beyond the 'Find my' app.