Right. It's not really the hsm itself I worry about (although as we saw with the Xbox hack people are able to do some crazy stuff) , but the possibility of working around/breaking the os login manager - manipulating the camera or hooking up a custom "keyboard" or some such.

For example i have trouble trusting pin login against brute force when the attacker has unrestricted physical access - including the possibility of replacing/manipulating the ram chips etc.