Understanding iOS passcode security

Ah, the eternal question: Should you protect your iOS device with a passcode? On one hand, the knowledge that your data is presumably safe from prying eyes makes carrying around your phone and tablet less worrying; on the other, having to tap in a code every time you want to check your email or make a phone call can quickly become annoying.

Story added 7. March 2013, content source with full text you can find at link above.