This is why we love developers. Face Unlock is a cool feature on Android 4.0 (though it does have debatable value because of security flaws), and we don't have to wait for Apple to implement its own solution because a Romanian developer has already built it.
Visually, the app is a wholesale ripoff of Face Unlock for Android, although the developer has claimed he built it from scratch. The app works just like Face Unlock for Android, although it is noticeably slower to react when scanning the user's face. And, just like in Android, it will bump you to a pattern unlock if it doesn't recognize your face.
It's a cool proof of concept, but definitely too slow for normal use. Although Face Unlock on Android is pretty gimmicky too, so maybe this app falls in line with what to expect right now. With luck, Apple's solution
will be a bit more elegant than this.