I don't even have a lock set up on mine yet. Just haven't done it.

(I don't use it for work, etc. My Google accounts are locked down.)

Yeah, it has nothing to do with payments and it's stupid. But I'm not going to start using my phone for payments until it's locked down. And I'm not going to lock it down until I'm sure I won't get in a pathological condition if I forget or mistype the PIN, etc., etc.

Finger-print readers (FPR) and similar biometrics are the way to go, of course, assuming the technology is nearly bullet proof. Of course, fingerprints can be and have been stolen and you can't make new ones. It's not a hypothetical and it's something to consider. The Nexus 4 doesn't have a FPR.

Again, no tinfoil hattery here, just being a laggard. It's something to consider when getting a new phone and deciding how to use it.

Cheers,
Scott.