Yup definitely a case of moleHill != Mountain

Regardless of whether you're talking about a mobile phone, PDA, laptop, desktop or even a server in a data centre, once the miscreant has physical access, there's little you can do to stop your data being compromised, unless you've gone as far as implementing things like whole-disk encryption or similar.

There are other bugs that I'd (personally) far rather the Maemo team spent their time on.