Do you personally have a 5S. I agree it is potentially easy to dismiss prior to using it 100 times a day.
Nope. Played with the Demo while at work yesterday. It's nice, but I don't have a pass code on my phone currently. I just feel like in a few years apple will increase the screen size and the space for a big home button will be limited. If they find a way around this I will applaud them.