Sorry to all if this is old news that I've stumbled onto, I couldn't find anything written about this here, but...

I think I've found a way to bypass Lockdown Pro's password protection in certain circumstances.

If a password protected app is running in foreground when the device is locked you can bypass entering the password when you unlock the device by taking a screenshot (hold + home buttons) immediately after sliding to unlock. After the little sound and the white flash plays, hit cancel above the password keyboard and it'll just disappear letting you use the protected app.

I've tried it on a few different apps with 100% success. I think this needs to be fixed.