The iPhone of my wife is stolen last week and didn't had a always online data plan. So there was in some way nothing we could do. For that reason I shut down the simcard and via icloud.com sent a message to the iphone and placed it in restore mode.
In this case the poweroff passcode requirement didnt had any use but it would be very much of use when someone has an always online connection. That way if it gets stolen its traceable as long as the battery lasts. Letting the iPhone reset itself after 10 false attempts to login is stupid. That way its not even traceable anymore.
As far as I know with iOS7 there will be a apple id login required before you can restore the iphone! I don't know what will hebben if the home and powerbutton will be used at the same time... But it makes it a little harder to steal a phone and sell it.
Also, if the iphone can be connected to an apple ID you could do a lot more, for instance:
Mark the iphone as stolen. When the phone is in some way restored, the imei number is marked in a database and the iphone will be traced through wifi or 3g without the new owner knowing. If you want you can send messages or shut it down. You can only mark a phone as stolen if it is connected to your apple ID. So if you sell the phone, you want to restore it, restoring it requires a login with your apple id, after it has been restored the iphone is "free of apple id" and cant be marked as stolen. When somebody, the new owner, connects it with his apple id, its his iphone.