There is just one remote wipe application I have come across.
I have been trying to write one such application myself but I believe the permissions required are 2nd level and 3rd level permissions (check this link and this link). Thats is the reason I am unsuccessful as yet. I believe that you basically need to sign the package with the same signature as the OEM manufacturer to be able to grant those packages to your device.
If by an stroke of luck you do happen to make one successfully, please let us know the permission you have used to make such a thing possible! =)
Regards
Shouvik
EDIT: Okay I supposed I am wrong. I believe in android 2.2 it is possible to remote wipe your. I have not completely understood how to implement the function or the class yet, I plan to work on it as soon as I can spare some time. :)
Reply:
Well I have been looking at the SDK for some time now, and I can confidently tell you below 2.2, I am pretty sure there is no way I know of to remote wipe your data. I have although read on the mailers list that there is a function that enables a third party client to create a remote wipe application as you may have seen in my post above. I have actually use my own port of android on a device and have just used the brick, but if I do come across any reference that can show how you could achieve what you desire, I would be happy to leave a post here. Regards Shouvik.
Links
http://developer.android.com/reference/android/app/admin/DevicePolicyManager.html#wipeData%28int%
also for formatting the SD card I came across a permission that you can request, I guess you follow that you end up at the method.
http://developer.android.com/reference/android/Manifest.permission.html#MOUNT_FORMAT_FILESYSTEMS