The benefit to the simple password is that you don't need to remember a long password with mixed characters and, more importantly, don't have to fumble with the full on-screen keyboard when trying to unlock your device. When a simple password is set you'll be presented with a number pad rather than the full keyboard, so you have bigger buttons and an easier time unlocking your device.
Here's how to setup a simple password (keep in mind this works only if you've updated to the OS 10.1 MR)
Go to Settings > Security and Privacy > Device Password
Tap the toggle for Simple Password to On
Enter your password, then enter it again to confirm
That's it! You can tweak the options below as you see fit. Once finished just tap Back to save.
Now when you unlock your device you'll just need to enter your simple password - quick and easy!
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