I already have a more convenient security solution on android.
So its been said that many people dont put passwords on their phone because they are tired of unlocking it a gazillion times a day and putting the password a gazillion times. I cant believe that no one has thought of what this android app has been doing.
Basically this is how I used it. If I dont use my phone for 20 minutes(you can define this period to whatever you want) then the next time I use it I have to put a password to unlock it. Once you unlock through the password then the phone goes back to normal slide unlock until it hasnt been used for 20 mins. This is such a priceless feature as it saves you from those times where you are constantly locking/unlocking the phone every few seconds and putting the password every single time. Its because of these times that I could never live with a traditional password. The phone will also need password every time you reboot.
Alternatively you can also use a different way to do this, the phone will require a password to unlock every one hour whether you are using it or not. You can ofcourse change this time period.
But thats not it, this app goes even further than this. You can use it in conjunction with wifi which basically means that the phone wont be password protected whenever its connected to your home wifi and any other wifi network you specify to be safe.
Another brilliant feature is location based protection where the phone will be password protected whenever it is outside the areas you have specified as safe like your home and work place.
Another gripe I have with using a password is that atleast on stock android you cant access the notification shade with a password or pattern lock but with this app you can access it whenever the phone is in an unlocked state.
This app is NOT perfect but thats because it is an app. If some company was to integrate such features into the OS then it would be awesome. Samsung already is doing the wifi based protection I believe but they dont offer the delayed time period thing.