Usually a quick search and you can find it again but I have needed to reload a previous save sometimes when I can't find it.
I gave my follower the Dragonbane sword as its not a bad weapon on its own plus its good against dragons so if we ever saw one then they would have a good item to help take down the dragons health.
I checked my followers inventory recently and the Dragonbane sword is no longer there so I can only presume that they must have dropped it during one of my recent missions. I would have thought that if a follower dropped a weapon that they would also look for it and pick it up again just like I would but obviously on this occasion they didn't which just means I have lost a good unique weapon.
What are some good items that you have lost either this way or some other way in which you are annoyed that you lost it?