Why are so many people freaking out over this? Security features on cellphones are relatively new, and ones that came beforehand were anything but foolproof. It really makes no sense because anyone can look at a phone, see the smudges, and guess the four-digit pin number. Few people are able to bypass the Touch ID.
Matter of fact, I would argue that Touch ID does exactly what it was meant to do. It increases the risks for those who would steal an iPhone while reducing the rewards. Even if the thieving party has all the equipment to bypass ios7 there is no guaranteeing that the phone has a useable fingerprint to lift, or that it is the correct fingerprint, or that the fingerprint isn't smudged during the thieving process. I think that the Touch ID is a great feature for the average person. People just need to step back and look at the whole picture instead of being pessimistic.