WidgetLocker has a setting where you can set it to timeout after 10 secs (shortest avaialble option)
My normal timeout is 2 minutes. When I gesture (I use LPP) to activate WidgetLocker, the screen times out in 10 secs...But once I unlock back to my normal homescreen, the timeout is at 2 minutes.
And, sometimes you can wake the screen with the volume rocker instead of the power button. But I can't figure out how come sometimes I can do this and sometimes I can't. It may be the duration of how long the screen has been off.