iOS 7 passcode usability is poor - big design flaw ! :-(
With iOS 7 the stored passwords of Safari are visible in plain text for all users when the passcode is not enabled.
When the passcode is enabled the stored passwords are protected and are shown only after entering the passcode.
But, enable the passcode always enables the passcode protection of the lock screen.
You only can set it to 4 hours maximum until it became active.
So, when I don´t enable the passcode all my Safari stored passwords are unprotected.
Even when I give somebody my ipad only for a minute he will be able to see all my passwords.
When I enable the passcode the passcode has to be entered on lock screen all the time (latest all 4 hours).
So when an iPad is shared within a family (or general within several people) and passcode is enabled it become not really usable anymore,
as you have to share the passcode with everyone (the same passcode which also shows the stored Safari passwords).
So if you don´t want to give the passcode for the stored Safari passwords e.g. to your children then you have a real problem.
They can´t unlock the ipad without it......
So this is a real big design flaw (or even consider this as severe bug).
There are several possible solutions for Apple, only to mention 2 of them:
1. Add the option "Never" until the passcode is needed to unlock from the lockscreen (Safari passwords are still protected).
2. Use a different Safari-passcode for Safari only (so you could protect Safari passwords without enabling the iOS passcode).
Additionally I suggest to add an additional option to Safari regarding passwords.
When enabling auto fill in stored passwords there should be an option which prompts the user to enter a Passcode before filling the passord in (similar to other browsers like Firefox).
So you can use this convinient function without bothering sharing your iPad with other people.