Is Facelock the password alternative we've been waiting for?

One of the problems with using passwords to prove identity is that passwords that are easy to remember are also easy for an attacker to guess, and vice versa. Nevertheless, passwords are cheap to implement and well understood, so despite the mounting evidence that they are often not very secure, until something better comes along they are likely to remain the main mechanism for proving identity. But maybe something better has come along. In research published yesterday in PeerJ, Rob Jenkins from University of York and colleagues propose a new system based on the psychology of face recognition called Facelock. But how does it stack up against existing authentication systems?