My guy had the nano s and I was with him as he set it up. This took a while because of the recovery process what makes retrieval possible. There are 20+ words that are displayed in a specific order that you must record and verify with the wallet when you set it up. You use a pin to access it regularly, but if you were recovering a wallet on a different device, you need all of those words, in the right order and it will ask you to input the words as it gives you the number position. This means if someone grabbed it from your bag, unless they know your pin, they won't be able to do a thing with it and you just need to buy a new one.

I am eagerly awaiting late March and sending protective thoughts to coinbase until then :)