It also stops "mouse loggers" in conjuction with a Trezor One... theoretically, by monitoring where you click, an attacker could determine what your PIN code was if you were clicking in the same "pattern" every time you unlocked your device. By randomising the keypad, it makes this impossible.
... but I don't think that cracking short PIN number code is hard for any hacker, so I don't trust that PIN will save me from anyone except maybe kids or wife gaining access to coins.
Except that the time you have to wait between incorrect attempts increases by a power of 2... and then the device wipes itself after 16 incorrect attempts:
Brute forcing the Trezor PIN
Trezor is protected by a PIN code, which can be up to nine digits long. If a good PIN is selected, it would take hundreds of thousands of attempts to get it right. Every time a wrong PIN is entered, the waiting time between the attempts increases by a power of two. The device automatically wipes itself after 16 unsuccessful attempts.
Even attempting a 4 digit PIN under those conditions is going to be quite a challenge... unlike say, attempting to crack a 4 digit PIN on a desktop wallet.