Folks - I use 'Delayed Lock' with a password. The phone locks after the time I specify - I have it set as 4 hours. However when it is unlocked, it shows the normal finger swipe lock screen. If you have quick glance turned on in Air Gestures the screen will show you the notifications, mail, time etc (settings, motions and gestures, air gesture, quick glance).
It simply acts like you only have swipe security until the timer kicks in and locks the phone with a password.