I believe so. After 10 failed attempts to access the device it will wipe itself or so I'm told. I don't use it as I don't work for the CIA and my berry never leaves my hand anyway. Even if I were mugged there isn't much valuable that could be gleaned.
Posted from my CrackBerry at wapforums.crackberry.com
I was wondering what happens if you forget your password... is a wipe of the device your only option to regain control of it?
Yes, if you forget your password, all you can do is enter it incorrectly 10 times and let the device wipe all your personal information clean. After the wipe, the phone will still operate and the password will be reset. You can then reload your personal information from a backup and be fully operational again.