I would not assume that a lack of a response meant that no action was being taken. If I was on the receiving end of that email, I would have two concerns. The obvious one is identifying and fixing the vulnerability in the code. The other concern is who is this guy and why is he trying to crack my site?
Would you walk down your street and try every door knob to verify that everyone had locked their door? Someone just trying random sites for security holes sounds suspicious just by the nature of his actions.
The last thing I would do would be to email him back. That would just encourage more cracking attempts. I don't know if I would turn over the email and IP address to the police. I think it would depend on the content of the email and what information I could find out about the sender. If the person who sent the email was a security specialist who had found out about a vulnerability by testing or by hearing about from someone else, I would reply back. The Sears security breach that Ben Edelman contacted Sears about is a good example of when acknowledgment should be sent.
Now if you had come across a vulnerability by normal usage of the site, then I think an acknowledgment of your email would be a common courtesy.
You also have to consider the severity of the vulnerability and how long it would take to fix it. If a consumer's privacy is being violated, it should be addressed immediately. If it's not a critical problem, the company will need to schedule time to investigate and address the issue.
If the problem was a serious breach of privacy and immediate action wasn't taken, I would go up the chain of command at that company. If it's a serious issue and you can communicate that effectively, someone at some level will take notice. If that fails, I would take it a consumer advocate group like the Consumerist or a well known security expert like Ben Edelman.