Phoenix TheftGuard bios (stupidity in a chip?)

Today, various sources reported that Phoenix, a long time bios manufacturer, has created a new application hardwired within the bios that is supposedly a theft deterrent device. The new bios application allegedly sends information such as a serial number to a set Phoenix server when users log onto the internet. If the set serial number was reported stolen the Phoenix server would respond with the proper acknowledgment to either delete all data on the machine, disable the system, or track the stolen hardware.

Like many other readers, I myself am concerned with the security and implemtation of such a system. What's to stop a user from using a firewall and blocking any of the "Phoenix pings?" What's worse are the other what if questions such as:

What if some one compromises the Phoenix server and tells every ones computer to format itself?

What if a Melissa/Iloveyou type virus circulates that causes the bios to format the local system?

How vulnerable is the Phoenix theft protection system to spoofing? IE, will a specially crafted “Phoenix packet” disable a phoenix theft enabled device?