Lots of people here are uninformed it seems.
1. You can't simply desolder the flash chips and read them elsewhere, since the data commited to the flash chips never goes to them unencrypted.
2. It does NOT come down to 10 billion combinations for an off-line brute force cracking, due to salting...
The Padlock 2 has a unique-per-drive pseudo random number (deterministic) hard coded at the factory at manufacture time and it also generates a non-deterministic "session" random number (hardware-generated non-pseudo) at time of PIN creation, to pad-out the remaining entropy that is required to fulfil the requirements needed to maximise the entropy for 256-bits. This is called salting and is a industry standard method for ensuring that key strength is maximal.
To prove this actually works, you can remove the PIN (using the 9-1-1 method) and then recreate with the exact same PIN and not get access to your previous data, because a new session random number was generated and you don't know the previous number (it's internal to the control chip).
3. To brute force these in 10 billion combinations, you need to leave the chips in the thumb drive and crack via the keypad. This could be automated but replacing the buttons with wires to a computer, however with the 2 minute lock-out, your grandchildren will have retired before it finishes.
4. The PIN number does NOT have to be stored in the unit and any half decent crypto implementation WILL NOT do so. A cryptographically secure hash could be used and typically is.
5. It is NOT limited to 5 digits on account of having 5 buttons. For 0 you press 0|1 once and for 1 you press 0|1 twice, just like a mobile phone.
If this device does what it claims (256-bit AES encryption in hardware with deterministic and non-deterministic salting), then it is an absolute bargain at the asking price.
The IronKey requires password entry via your systems keyboard, which can be keylogged. If someone keylogs your IronKey password, then it is worth their while to steal your IronKey. You might then feel an unfounded sense of safety, not realising that your IronKey has fallen into the hands of someone with its password!
The Padlock 2 does not suffer from the dangers of keylogging, as you enter the password via the inbuilt number pad. What's more, you can even unlock the Padlock 2 BEFORE you plug it into the computer (has a built in rechargable battery).
I have an 8GB IronKey S200 and 2 of these 8GB Corsair Padlock 2's. I much prefer the Corsair (it is completely system agnostic, so I can also use it with OpenBSD). If you were skeptical, you could also layer the security by using TrueCrypt on it also.