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Mine is set to auto lock after 5 min. Enough time for me to pick it back up if I forget to do something. The advantages are the casual user can't see my phone contents. Understand that setting a passcode won't keep the determined out. Treat your iPhone like a personal computer, as it stores as much personal data.
I don't see that many disadvantages. If you have data you need to protect the first step is to set a passcode. I have mine set to wipe the phone after 10 attempts as well. A hint I learned is to set a complex password, but stick with numbers. You won't be bothered with a keyboard to type it in and it still can be somewhat complex as well as simple/fast to type in.

This is exactly my setup aswell and my opinion! Also, if the OP has pictures or videos that he wants to remain private, get "PictureSafe HD" from the Appstore, and then upgrade to "VideoSafe HD" via In-App Purchase. It's a fairly good app to store private stuff and keep "snoopers" out ;)
 
Mines set to passcode-lock in 15 mins. It keeps my friends from messing with my phone.
 
I dont use it.

On another note, Find my Iphone is completely useless if a thief turns off the phone. There should be an option that if the phone is passcode protected, you can not turn off the phone. If this were possible then I would most certainly use a passcode.
 
I have my database, FileMakerGo, and my Square Merchant account on my phone
My address book has passwords in it

If my phone is lost or stolen, I do not want anyone to have access to contents

I use 4 character pw set to 1 hr - I too would use 30 minutes if was an option
If it gets wiped after 10 attempts - oh well, I lose my phone but data is not compromised

Sure the possibility exists that a savvy idiot will end up with it and defeat but I am ok with playing the odds against that for the convenience of using my phone/pda to make my work much easier

Internet & communication & data storage use is always playing the odds, imo...
 
Thanks for clarifying. I swore it was 1998 when I woke up.

I'm not really concerned with the "hacker" types getting into my iPhone. Obviously if someone REALLY wants to get into it, there are ways. That's probably less than 2% of all iPhone users out there.

I'm talking about the possibility of accidentally leaving my phone at a restaurant and having a total stranger pick it up. A simple passcode is all I need to keep them out. What are the odds of them being able to "hack" into my phone? Pretty low.
We live in a time all the thief has to do is search google. You don't have to be this genius hacker when YouTube is available.
 
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