iOS 5.1 possible security Flaw: Unlock your phone without sliding unlock slider

I just updated my iphone 3gs with latest iOS 5.1.  Mainly this update is for iPad, but it introduced a new feature  into iPhone and that is it will keep on displaying the camera icon on UNLOCK screen. By holding and sliding camera icon upwards, will start the camera. Now one can use the camera. If one slides the screen downwards, again UNLOCK screen will appear. Then sliding the unlock slider , iPhone can be unlocked. But when your camera is working from the unlock screen and one presses HOME button,
you will be directly taken to iPhone MENU without unlocking the screen. So, you don’t need to slide the unlock bar.
If you want to save your data then put PASSCODE Lock. But still that is not enough. Still anybody can use your phone as camera. You will not be allowed to access existing photos and videos while your phone is locked with passcode but you can see pictures and videos you clicked from locked phone. This shouldn’t be allowed. If my iPhone is locked, no one should be able to use it until I allow at all.
It’s a little security flaw or privacy flaw, this update contains.