I actually may have thought of this before Apple. Why didn't I patent it!
Something like this would be perfect for families. My mom doesn't even use the email app (just uses Safari to login) because my little sister uses it and likes to snoop. When you press the sleep/wake, home button or open the smart cover it could activate the facial recognition. Put in your password and if it matches your face (auto substituting as username) then it configures the iPad once unlocked. Email accounts can be enabled/disabled on the fly, wallpapers switched, apps hidden, shown and reorganized according to user preference. iCloud accounts can be flipped around. But I'd expect something like this to be a bit memory intensive to achieve, so it's likely that only something like the iPad 3 or later with 1GB of ram would see this in the update. But Apple occasionally surprises. But this would be a welcome change. My wife and I share an iPad, but she feels like its not really "hers" because I have the wallpaper, iCloud, and apps organized how I want it. The bookmarks also sync from my Mac so she doesnt even have those. iCloud combined with this user account reconfiguring could be really useful. I think about it less as a security issue and more about convenience and enhanced usability.