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How thorough is the data wipe on passcode failure attempts if you have that set? In other words, would the settings for FMiP be deleted, rendering it ineffective or would those settings remain intact through a wipe?
 
You should not need to lock your entire handset to protect that obvious item of administration.

According to Apple, you do. If you don't like it, then you'll have to wait to see if Apple decides to make a change in their OS a few months from now. Since that may never happen, you can either sit there and complain or you can do the smart thing and put a passcode on your phone. The option to secure your phone is available, you just have to choose whether or not you want to use it.
 
I think the reason why this works (or doesn't) the way it does is because Apple intended it to be a tool to find your phone if it was lost, not stolen. I don't think they ever mentioned thieves during the key note. Assuming we lived in a perfect world where everyone was honest, this would be a great feature, but snap back to reality and it's quite worthless because there are so many ways to get around it.
 
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