There's even pre-built forensic ramdisks if you'd like to have a play around — https://code.google.com/p/iphone-dataprotection/
I'm willing to bet that there's at least one private bootrom exploit, one of the jailbreak developers has hinted that he has found one.
It's also pretty much considered the most annoying thing about those corporate profiles.
I suspect someone could decap the chip itself and extract the key, at the cost of the phone (and burning a bunch of whatever chip they're using in advance to prep for the attack). That probably would be worthwhile for a conference presentation. I'm confident any decent intelligence service which doesn't have Apple's cooperation can do this now, since extracting keys from hardware is a pretty key capability for anyone doing black bag stuff. A friend of mine just started a consultancy in this space, so maybe will look at this for a presentation in 2014 if there's time.
Bruteforcing 10e3 numerics doesn't take long when your forensic ramdisk doesn't have any rate limiting or auto-wiping.
But a longer pass phrase (admittedly a ux problem) helps. Plus, rumors of biometrics, which may or may not be implemented in a smart way. A biometric which allows a 4 digit pin, or if it fails, a 16 char alphanumeric, would be proper.
There are no public ways to extract from the newest devices on ios 5 or 6, except for a few corner-case bugs (which were limited, and patched).
Plenty once you jailbreak the phone, or compromise a paired device. I believe the best practice among public attacks is to do that. There are probably various exploits in iOS itself which let you root phones remotely. Beyond that, either secret attacks or hardware attacks, or figuring out how to get the phone to boot from one ramdisk while talking to the security element from before (which is trivial if you can sign stuff as Apple, and may actually be possible otherwise.)