Gizmodo has unearthed <A HREF="http://blogs.zdnet.com/Apple/?p=2198&tag=nl.e550">a security flaw in the iPhone OS</A> and boy is it a doozy. According to the post it's simple to access a locked iPhone's address book, Mail, SMS, Contacts, and Safari. The vulnerability works like this on a password protected and locked iPhone:
Then slide to unlock Tap emergency call Double tap the home button
This give you access to the iPhone's favorites, the Address Book, the dial keypad and your voice mail. And it gets worse.