I have Lookout on my new Motorola x. Do I need this?
Read up on this information and I am sure you will be able to answer this one....
http://community.vzw.com/t5/DROID-Apps/Google-pulls-Market-apps-with-root-exploit-one-patched-in-AOSP/m-p/462512
http://community.vzw.com/t5/DROID-Apps/Google-pulls-50-malicious-Android-apps-how-2-defend-your-Droid/m-p/465514#M5406
http://community.vzw.com/t5/DROID-Apps/Security-Apps-Lookout-MobileSecurity-Wave-Secure-Mobile-Security/m-p/497912#M5618
It does much more than look for malicious software. One thing it can do, if needed, is find your phone if lost or stolen. It can also wipe your phone clean if stolen. Yes, it's a handy apps to have.