I tried to replicate the attack while covering the entire process without using hardware hacks, so the device has to be jailbroken to gain unsigned code execution privilege (or you might as well use your own exploit for that ;p).
In a blog post on his efforts, Alfhaily describes how he was able to override limit of 10 failed attempts. His code was able to try a pin every 5 seconds, meaning it would take at most 14 hours to try every single pin possible.
TransLock has yet to be released; however, Alfhaily says, "I have plans to release it in the near future." In the meanwhile he has made libTransLock available on GitHub for the tech savvy.
We'd strongly suggest you consider updating your iPhone to a complex passcode if you're concerned about security.
Please follow iClarified on Twitter, Facebook, Google+, or RSS for updates.