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And to answer the other part of your post, I will admit that I am pretty laissez-faire about it. My worst case is that someone could see my taste in books and I don't care. I realize that some people might not want people to know what they were reading or want kids to see what they have on it, but I don't care. I also don't worry about the infinitesimally small chance that some who steals my e-reader or finds it if I lost it is both a hard core reader and a crook. If they are, maybe they're going to run up my book tab, but I just don't see the odds of it happening as being big enough for me to think about let alone worry about.
It's been talked about here before from other people that like you would like a password. Based on the fact that it hasn't happened, obviously Kobo doesn't feel there is a big enough return to them for them cost of adding it and dealing with the people who will inevitably manage to lose their password and not want to factory reset etc to get the device working again. If having a password is a key requirement for your e-reader needs, then maybe Kindle is a better option currently.
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