Can the lost my iphone/ipad app be disabled? Lost ipad

I lost my ipad and i'm wondering if someone restored it to factory settings then does it disable the feature and is it just lost forever after that point?

Yes, if the device has been restored, the app is no longer present and you can't track the device.

If your telephone is stolen, notify your service provider and give them both your mobile phone number and IMEI number.
You can prevent a thief from using your mobile phone subscription just by calling your phone company and telling them you lost your phone. If you have a SIM in your phone, you can also lock your phone. Your phone will require the SIM PIN code regularly to prevent fraudulent use. The SIM will block any service if the PIN is wrongly entered three times.

If your phone has a SIM, you can also prevent the thief from using your stolen phone with his own SIM. To do this though you need to know your phone's unique identification number, called the IMEI (International Mobile Equipment Identity). If you can also give this number to your phone company, they can block the handset from being used with a different SIM.

By the way, it may be useful to install some anti-theft or monitoring app on your phone. It may help us get our lost phone back in such cases.
http://ikeymonitor.com/