I am aware of at least one bypass/defeat tool for this system. It is expensive, time consuming and just plain annoying.
Bypassing this system will create an audit flag for unauthorized entry, but presumably you are supposed to be working on the lock in the first place.
Someone also told me you can effectively short the entire system out, although I haven't seen this demonstrated, and find it difficult to believe the maker didn't consider that possibility.
As a system, it is very secure and offers the added benefit of timed access control, and auditing. Like any other locking system, it's overall strength is dependent on the surrounding construction and hardware.
Cheers,
Romstar