Really? I'm seeing something very different. Not only is it not timing out, but I can't even lock it again manually. Neither the home button nor lock button do anything (except take a photo if I press them both, which I just now discovered).
EDIT: I can re-lock it by holding Home to get to voice control, then cancelling that and pressing Home or Lock.
EDIT2: It takes a screenshot, not a photo. Damn, photo would be way more useful.
When you're on the contacts screen, hold down the power button until the power-off screen comes up, then press cancel. That should stop it from going back to the lock screen.