the answer is unclear here. you mention lock and sleep being the same. you say:
"If you have the auto-lock set for 2 minutes and the passcode lock set for 10 minutes, your iPhone will lock after 2 minutes of inactivity. You can unlock it without a passcode until the passcode lock time expires, then a passcode is required."
it seems contradictory to say that you can unlock it without a passcode until passcode lock time expires. if i understand what you're saying, you meant to say that your phone will lock on the earlier of the 2 times set on auto-lock and passcode lock. the question then is why have 2 separate settings for what appears to be the same feature? my android let me set display time out and lock separately, so i would expect this very useful feature to be available on my new iphone 6...
is there any way we can escalate this to the ios r&d team to add this feature?
to give you an example of why this feature is very important, the largest battery consumer on my wife's iphone 5 is the home screen. if she wanted to conserve battery, she would have to set it to 1 minute and then enter her password 100 times per day...
with the weak batteries that are in the iphones, i would think that apple would be highly interested in improving battery life with such a simple to add feature.
let me know if there is somewhere else i need to raise this request.