Reporting it to Verizon will have them invalidate the ESN so it will become a lot less valuable. In theory they can work with police to track it, but in my experience for small crimes like this the police aren't willing to do much (why spend a few thousand dollars on manpower to find a thief with a $500 phone).
AppBrain has the ability to remotely push apps to the phone, if you've enabled that feature or a similar feature that may help.
You may also want to call your phone and see if anyone answers. It may have been lost rather than stolen, or someone may have accidentally taken it. Perhaps a longshot, but it may save you a lot of trouble if it's true.