Below is excerpted from http://developer.android.com/reference/android/app/KeyguardManager.html
public boolean isDeviceLocked ()
Returns
public boolean isDeviceLocked ()
This method takes the current UI state of the Lockscreen into account.
So if a secure Screen Lock has been setup, it will contrary to isKeyguardSecure() return false if:
public boolean isKeyguardSecure ()
This method does NOT take the current UI state of the Lockscreen into account.
So if a secure Screen Lock has been setup, it will always return true, regardless of if the Lockscreen has been unlocked by the user or if Smart Lock allows unlock without further authentication.
I was not able to reproduce the behavior reported by ByteHamster btw.