How do you prepare or secure your Mac for the possibility of being stolen? I'm using the great applicaton Prey which hopefully never has to get used, but just in case, I want to be prepared.
So basically I have a request for password after sleep/screensaver enabled, but that would propably lead the thief into the direction of re-installing the OS X, all my data would be gone and Prey would be useless.
Therefore I created some other users without a password, so the thief can use the Mac anyway and herewith send me some signals so I can receive his location and all that good stuff.
My problem basically is just that he still can see some Applications, which I can restrict, but the user will see them anyway and get the idea that they aren't full users, so the thief still might have the idea to reinstall. I basically want to make the thief as comfortably in my OS X as possible without giving anything away. What did you guys do? How do you prepare your Mac for the use with Prey ??
My preparation doesn't answer all of your concerns because my priorities are different. I place a higher value on data security than I do on the Macintosh itself. Tracking software doesn't assure the recovery of a stolen laptop. If you're concerned about the cost of hardware your best protection is an insurance rider specifically covering the theft of your computer gear. 

So with that qualification, here's my list:


A reliable, robust backup system that works from any location that has an internet connection  and archives data to an offsite cloud server. I use Crashplan Central. When I'm at my desk, I also make daily system clones to a local drive using SuperDuper!
Set a firmware password for the Mac to prevent unauthorized booting from alternative startup drives. Warning: If you set this password, don't lose it. 
Encrypt the hard drive using  FileVault (2).
Use a strong password for login.
Set  a short idle interval to lock the screen when computing in non-secure locations. I consider my home, office and most client sites to be secure and I use a longer interval. If I'm traveling or working in a public place I set the screensaver/lock to activate after one minute of idle time. . Regardless of location, I am in the habit of manually locking the screen from the Menubar when I walk away from the computer. 
Activate Find My Macintosh via your iCloud account. Don't expect to get your computer back, but it can't hurt, and it will allow you to remotely erase the data from your computer if necessary. I've used this feature to locate a computer that I'd left in a client's server closet.
Develop a workflow that lends itself to getting back to work on a replacement computer quickly. I minimize the applications I use regularly so there are fewer to install and purchase apps from the Apple App Store when possible so they're easy to install from a single source, even from the road.  I use DropBox to store current projects. When needed, older projects are available to me remotely by logging into CrashPlan.


In addition, I carry a mini flash drive in my (real) wallet that has a recent copy of my Password Wallet file and a few other "key" data files. I keep this up-to-date using an Automator action that runs whenever that flash drive mounts on the system.  The current copy of the passwords file is also on my iPhone, iPad and on Dropbox..  

Most of all, I try to maintain situational awareness to minimize the likelihood of theft. Even so, my laptop sits unguarded in hotel rooms and offices all the time, yet I rest easy because I've taken the necessary steps to secure my data and implemented plans for a rapid recovery.

One more thing… I have my contact information (phone number and email) displayed on the login screen of my MacBook Pro and the lock screens of my iPad and iPhone. Perhaps I'm naive, but I believe the greatest risk is loss, not theft.