This YouTube Video shows how you can bypass the iPhone lock screen to make calls and list contacts. You can even browse photos if you attempt to add a photo to a contact.
While you can’t run any apps or do anything other than work with contacts or make phone calls, the facts is that anyone who watches this video can unlock a part of your iPhone without knowing your passcode.
I’m sure Apple will have a fix soon but until then, don’t let that phone go to the wrong hands!
 

I admit that I might be only talking to small subset of the total iPhone 5 audience, but I have a photo here that shows why, if you care about LTE speeds and usability, the iPhone 5 is not for you. I say this with a heavy heart because I was waiting for this phone to come out and was prepared to seriously consider buying one.  But because it has been extensively reported that the iPhone 5 cannot do simultaneous voice + LTE,  it is a deal-breaker for me.
The picture …

Though I was leaning to NOT get the iPhone 5 (just not enough coolness over the Android competitors like Galaxy S3 for example) this is definitely a deal-killer for me:
On providers like Verizon or Sprint, iPhone 5 will NOT transfer data while you’re on the phone.  (aka simultaneous voice and data).

Put a fork in it.  It’s done. For me.
I’ve had a Sprint EVO 4G (yes, the original one) for 3 years now and even that phone, ancient by today’s standards, can do voice+data (admittedly that only works on 4G data …

 I’m going to take a look at one of these in the store and then wait a few weeks to see what the Android world comes out with.

4 inch display (taller)
1136×640 pixels (more stuff shows on screen, notice 5 rows of icons vs. just 4)
4G LTE  (way, way faster speeds)
18% thinner (7.6mm)
20% lighter (112 grams)
2x faster CPU and 2x faster graphics
battery life unchanged (8 hrs browsing)
HD front-facing facetime camera
facetime can work over 3G
3 noise-cancelling microphones

 
Apple Introduces the iPhone 5.

If you’re considering getting a new phone, hold on for just a little bit more until after the iPhone 5 gets released.
Apple is planning to debut the new iPhone at a special event on Wednesday, September 12, 2012, with the release date to follow 9 days later on Friday, September 21.
via Apple iPhone 5 and iPad mini event planned for September 12, iPhone 5 release date for September 21 | iMore.com.