I think that this is a rather large security issue that has come with the release of Android L. I've always had a password on my lock screen for as long as I can remember, but in Android L it becomes nearly useless.
After locking my device I noticed that I can still pull down the notification tray from my lock screen with which I could toggle Wi-Fi, bluetooth, and data.
If someone was to steal my phone, they could easily turn off any wireless connection even with the phone locked - preventing me from tracking my phone (I realize that they can just turn off the phone and use fastboot to flash a new ROM onto it, but let's assume they're not that smart).
Am I just missing some magically hidden setting to disable the notification tray in the lock screen?