I'm not certain how a personal user would really benefit from this, as it seems to require a server (Exchange, etc.) to issue the command to wipe it once it connects to their mail system. That's not really what you're looking for.
If you go onto the Droid Market, and look for an application called WaveSecure - this will do what you want.
If you pay for their service (~$20.00 per year), it gives you the ability to back up all of your data (pictures, videos, contacts, music, etc. - as long as they're not huge files)... If your phone ever gets wiped, you can restore it all from their service. Pretty nice.
If your phone gets stolen, you can wipe it remotely from the web, as well as kick in the GPS and track it remotely. It even goes so far as to allow you to send a message to the would-be thief via the phone, and then it'll lock and it'll require your 6 digit security code to get back into it. You can actually hit it two ways - first, throw up the message to return the phone (with an address, etc.), that locks the phone. Then, to be safe, wipe the phone and wait. Also, last but not least, the option of putting up a message on the phone comes with the option of setting off an alarm on the phone too. I haven't tried it, so I don't know how loud it is, but I'm sure it would be pretty annoying to say the least.