I think that the new deactivation protocols protect your stuff if the phone gets stolen - in other words, it’s not like they’ve stolen your whole ID. They obviously don’t have your fingerprint, for one thing...
That said, it sounds interesting. I didn’t know they had this. In my opinion, their cloud stuff is not as good as Google services, but some of their phone apps (such as Passbook) are very good.
Unless they cut off your finger while they’re stealing your phone, of course.