It seems it's pretty much safe to assume that if someone has your phone in their possession they'll be able to get through the lockscreen: now, the Samsung Galaxy S III has a security bug too. You can gain full access to a locked Galaxy S III with a series of simple button presses.
How simple are we talking? Well, according to the Full Disclosure mailing list, just like this:
1) On the code entry screen press Emergency Call
2) Then press Emergency Contacts
3) Press the Home button once
4) Just after pressing the Home button press the power button quickly5) If successful, pressing the power button again will bring you to the S3′s home screen
Again, this one seems like a Samsung problem, rather than an Android problem, but it looks like anyone with enough patience can bust through the S III's lockscreen without a password. Maybe keep your phone close by for a bit - who knows what kind of nefarious pranksters might cease upon this to fire your very private photos around the office. [Full Disclosure via TechRadar]