It would be a decent feature if only it was possible to set an amout of time for "Require Passcode" when using Touch ID. It boggles my mind how a company can create such a great hardware feature and then totally screw it up with one tiny software option. Another example of Apple's software lagging behind.
http://danstillman.com/2013/09/30/touch-id-and-require-passcode-immediately
The article says it's a big problem because Touch ID doesn't work consistently. That hasn't been my experience. I think Touch ID fails maybe once out of every 100 times I use it. A simple lift and drop of my finger fixes it. I can understand the complaint but I'm not sure I understand how this is an example of Apple "lagging behind."