Hard Reset Protection - Will it survive if I flash a new ROM?

If I enable hard reset protection, I assume it will survive a factory reset. But what happens if I install/flash a new ROM, will it survive that?

Of course it wont survive flashing a rom. TA is embedded in that rom and it dissapears when you flash a new rom.
Make sure the phone is rooted and TA installed as system application and you’re pretty much safe. You can disavle USB debugging in settings incase it gets lost.

Can it be set when you’re using the phone or just in case you’ve lost it (by SMS)?

Both, you can set it in settings to disable usb debugging (when sim is changed) AND by sms if you loose your phone.
Here you are the instructions:

SET USBLOCKMODE (only for rooted devices) Sample: 2222 SET USBLOCKMODE 1 Will change the USB debugging access protection behavior (0 = do not lock USB debugging access, 1 = lock USB debugging access)
taken from [url=http://www.avast.com/en-us/free-mobile-security#tab4]here[/url]
Make sure the phone is rooted and TA installed as system application and you're pretty much safe. You can disavle USB debugging in settings incase it gets lost.

I can’t see this. You can just boot into recovery and flash a new ROM. Most users with a rooted phone will use a custom recovery.

With CyanogenMod Anti-Theft can modify your custom_backup_list.txt to survive the update flash.

You mean, if the thief flashes a CM ROM…

I think only a password-protected HBOOT will provide enough security, however, there are only a few of them out there - and only for some devices.

I really appreciate the work of Avast for providing an anti-theft system for free. However, you should not be so exuberant concerning the real security of this solution.

Is it in the current version or just in the next one?

Its in the current version and has been for the last 2 i think.