Overall it feels that Apple's take is for day to day login it's better than a four digit PIN and it's better than no PIN.
That's because the hash of the print is stored on an encrypted volume of some kind, which requires your regular password to decrypt after a cold boot. Once the hash is in memory, the fingerprint can be used instead.
1. http://support.apple.com/kb/HT5949?viewlocale=en_US&locale=e...
Of course, this doesn't help against a sophisticated attacker who is interested in the data on a device; in that case, a secure passphrase would be preferable.
Unfortunately, it seems like iOS doesn't allow using different authentication methods for payments and for device unlocking; it would be really nice to be able to use Touch ID for the former, and a passphrase (or even a passphrase AND a fingerprint!) for the latter.