No big deal? It DOES work if you have a passcode lock with a delay (i.e., not immediately). So if I want the delay so that it's convenient for me to get in quickly without a passcode after just a minute or so, but I want it to lock if it's sitting around for a long time (e.g., sitting on the desk at home or I lose it), I'm screwed.
The whole point of the delayed lock is that it's actually locked. If I wanted the camera to be able to bypass, I wouldn't bother locking the phone.