My colleague Matt pointed out that the iPhone has a security problem related to the feature that allows you to make emergency calls. This allows a user to bypass the PIN and gain access to the whole phone by way of the contact list. I don't remember the exact details and I don't have an iPhone myself, but Matt demonstrated the security hole and it was trivial to use. You do not need any special software or to hook up the iPhone in order to bypass the security.
I am assuming that this problem is present in 2.0.2 since the iPhone was purchased about a week ago.
The conclusion is that Apple really need to rethink the way they protect the iPhone and the iPod touch and they need to come up with a solution quickly. Given that it would provide access to your email accounts and other potentially sensitive systems, this makes the iPhone a definite risk factor.
If you lose your iPhone all your email is available to anyone who finds the iPhone.
If you can provide some details on this problem, feel free to leave a comment and if need be I'll update this blog posting to summarize.