I didn't watch the linked I/O presentation, but I clicked through to the Ars Technica article. Are there any details that suggest this would be more than just v

I didn't watch the linked I/O presentation, but I clicked through to the Ars Technica article. Are there any details that suggest this would be more than just v2 of fingerprint unlock? aka optional, local and circumventable with a password if my fingerprint isn't recognized?