Adam Dodge pointed me to this article on CSO Online this morning - http://www.csoonline.com/article/446281/IPhones_Can_Be_Unlocked_Without_Password
This afternoon a customer stopped by with an iPhone and was kind enough to let me test the hack out.
I was able to confirm that the simple tap sequence does work. But only if you have your home button set to go to your Favorites. My customer had his set to go to iTunes (go figure - he wanted to listen to the music on his iPhone).
So rather than remove all of your Favorites, set your home button to go to iTunes instead.
Be safe out there