I've noticed this behavior on my Jailbroken (Absinthe) iOS 5.0.1 iPhone 4S and wonder if it's by design or a security hole:
Lock the phone (ensure you have a 4 digit passcode set)
Test that it is indeed passcode locked by pressing the home button and slide to unlock (don't unlock it)
Use another phone to place a call to your iPhone (I used a landline)
Answer it
Press home
You now have full access to the iPhone
Basically, if you know the iPhone number, you can call it to unlock it.
Is this right?!
Lock the phone (ensure you have a 4 digit passcode set)
Test that it is indeed passcode locked by pressing the home button and slide to unlock (don't unlock it)
Use another phone to place a call to your iPhone (I used a landline)
Answer it
Press home
You now have full access to the iPhone
Basically, if you know the iPhone number, you can call it to unlock it.
Is this right?!