The lovable nerds over at Gizmodo are reporting on a ginormous flaw in the iPhone’s “security.”  As it turns out, setting a four-digit passcode for your phone is about as secure as that Post-It Note on your monitor that has your network password written on it.  With a few not-entirely-unintuitive-anyway taps, anyone who picks up your locked phone can browse your contacts and make calls, surf the web, see your bookmarks, and have full access to your email and SMS messages.

An informal poll at the Mac|Life compound indicates that most folks greeted this huge security breach with a resounding “Meh.” As it turns out, I’m just about the only person that actually bothers to lock their phone. Which is funny, because I’m not really one of those paranoid privacy-freak types. I’ve never locked any of my previous cell phones, but then again, none of my other phones could so easily access my email, IM accounts, or bank websites.

After a fairly short amount of time, I came to appreciate the sheer amount of personal data that will fall into a stranger’s lap the day I inevitably leave my iPhone in a bar, or in the back of a cab—both notorious cell phone black holes. So yeah, I lock my phone with a passcode now. Four taps is a small price to pay for what I thought was a fair amount of security against random people being able to peek at my data. I was pushed firmly into the locked-phone camp after reading a post by Merlin Mann over at 43 Folders on the importance of security, especially for devices like the iPhone.

Come to find out, the Emperor has no clothes—or if he does, they’re the clothes everyone can see through the second it starts to rain. That, in a word, sucks. Apple is supposedly working on a fix, but I have to wonder how something this big got through unnoticed in the first place. In the meantime, there is a workaround. As long as double-tapping the home button isn’t set to bring up your Favorites, you’re good to go.

What say you? Are you a compulsive phone locker? Or do you live life on the edge, unafraid of strangers texting your grandma (or reading your email)?