Both.

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New test binary up. You will need to enable the new secure_button setting and then restart ASUI, only reason to install this test. The secure button can only be long pressed and will lock the device with your code (make sure you know it). Power button will lock&blank the screen. Long press on power button will shutdown the device, but its a little tricky to do because the screen wakes up or locks and aborts the long press (but this could also be a security feature to keep people from turning it off ). All other keys are disabled when the keypad is visible, n810 keyboard will be supported later on.

The devlock_callback(3) MCE method call doesn't store internally in MCE unless systemui is running or is started later on at which time MCE finally registers the call and sends out the locked signal. This means that if ASUI is restarted while the keypad is showing then MCE will report the device as unlocked and ASUI won't redisplay the keypad.

If the device is shutdown while locked, osso-systemui-early (make sure you haven't disabled that service) will prompt for the code when rebooted. There is currently no way to use ASUI's keypad since MCE would report it as unlocked until systemui-early starts and somehow causes MCE to update.

If the device is attached to the charger then osso-systemui-early, which I assume displays the brief charging screen, will not update MCE and doesn't prompt for code. ASUI will then show its charging screen and the device can be fully booted without needing a code.

So the only two ways to bypass the code is to boot on charger or make ASUI restart itself with a crash.

EDIT: disable ASUI in the charging runlevel and systemui-early will prompt for the code, leaving only a crash to bypass the code.