With a 4 character password, which won't keep out anyone with a bit of free time. And remote-locking solutions are non-solutions for anyone determined and intelligent - just stick it in a Faraday cage.
I haven't heard of that one before, actually. That's interesting... and way way way more complicated than it should be to set up a better password.
Many thanks for the links, I'll certainly aim to do something like that if I ever get an iThing. Know if it encrypts the contents of your phone too, or if they do this by default? Otherwise, I'd think you could just dump the flash memory.
I think the 3GS and 4G encrypt in hardware. Also, you can set your phone to drop the key to wipe the phone if someone inputs the wrong PIN/password 10 times in a row. You don't have to worry about someone brute forcing it.