Android L will have device encryption on by default
arstechnica.com
arstechnica.com
Once your phone is encrypted, you CANNOT disable the security lockscreen, because the PIN/password is also used as the encryption key.
This might be a deal-breaker for some. I know I was bummed after I encrypted my HTC One and discovered that all of the Tasker profiles I had setup to automatically disable the lockscreen when connected to my home wifi/car/bluetooth speakers suddenly stopped working.