I sent a friend's brand new iPod to him and he received an envelope that had been cut open, sans iPod.
UPS "investigative team" came and picked up the envelope for investigation. That was a week ago and we haven't heard from them since. It was a $300 item mistakenly insured for $250.
So now we have to enter the UPS phone menu jungle to try and get some of his money back. It's gonna be a long couple of weeks.
This is the second time this has happened to him. Last time, they took a laptop. If your time and packages are valuable to you, do yourself a favor and avoid UPS.