well...it has a feature to lock it down...but that doesnt work if u have the code disabled. thats a shame. BUT...you do have a command to execute any script. so if you write a script that erases all your important data...or just moves them to a folder that the user cant get to (somewhere in root)...you get what you want =D

or you could just initiate an ssh tunnel (also a command) and save your precious data...and then delete it off the phone.