Edit: I misunderstood how the lock screen widgets work in Android 4.2, especially with a locked phone, possibly due to my regular use of a third-party unlocking tool. You can, in fact, activate the camera and at least browse your lock screen widgets from a PIN/gesture/pass-locked phone, though accessing them at a deeper level requires an unlocking. I am still not quite impressed with the feeling of it all, especially the tiny sphere that now serves to unlock Google Now from the lock screen.
What Android 4.2 features do I have the wrong take on? Which give you a similarly good-with-the-bad feeling?