Ours is no longer locked and we go through our blu ray player, though when we were using the key code, we were using the Wii - this was before we got the blu ray.
When we were using the code, we'd key it in - without it, no titles are viewable - after having kids close eyes/turn away or when they were out of the room altogether and then pull up the que. We kept it organized so their shows were at the top of the list, my hubs choices (stuff with nonscary title art) was next, then mine. Kids were told when they saw Burn Notice to go back up the list. For the most part, they did. Usually.