Let's be real: a four-digit code isn't very much separating a determined bandit from your data, which is all that the iPhone affords. Granted, the phone locks up after a few attempts to slow your arch-nemeses down a notch or two, but if your code is your birthday or the last four digits of your phone number -- and you know it is, so just admit it -- they'll eventually figure it out anyway. On second thought, though, never mind, because it turns out there's a pretty effective way around these formalities -- 2.0.1 and 2.0.2 have both been confirmed to let you around the passcode lock simply by hitting Emergency Call and double-clicking the home button. At this point, the user will have access to your Favorites list, which is pretty bad as-is, but from here, they'll be able to click on an arrow and use links within your contacts to get out to the SMS, Maps, or Safari apps. If you change the home button functionality from the default (Favorites) to Home, then nothing will happen at the Emergency Call screen -- your phone is safe from prying eyes, we guess. The iPod option will kick the user into the iPod app, though, which we think is almost as bad as the Favorites exploit, because we'd really rather not our thieves know that we listen to Hannah Montana. MacRumors is reporting that it may have already been fixed for a future firmware release, so yeah, any minute now would be just great, Apple.
[Thanks to everyone who sent this in]