The owner of this smartphone doesn't find it objectionable.
I would much rather carry around a single smartphone than two. I have my apps in iTunes, my pictures in my local Picasa installation, my music in MediaMonkey. A restore is only a minor inconvenience.
It takes ten blown attempts at the unlock code to wipe it. And don't think my wife hasn't tried, when she couldn't key it one night and absolutely HAD to use my phone for a phone call. It shut down after five attempts and wouldn't allow any more tries for 10 minutes. So you have to be a real dingleberry to blow the password ten times.
The notice was clearly spelled out in the installation documentation and I had to acknowledge the risk several times before downloading the certs.
My only concern at this point is REMOVING the security, but I'm sure I'll be able to discover how to do that if ever I should want to or need to.