It's a 3-dial knob/latch on the vault itself. You simply set the code to your preferred 1-in-999 number and then you don't need a key to fumble with to get into the console vault.
Yes, the keyless is an option, but I'm sure glad that's the one I got. No key to fumble with, misplace, worry about, etc.
The new, pre-release vault is for the 07 Tundra. A pre-07 Tundra Double-Cab version is already available. Here're the pix of the keyless and the pre-07 Tundra vaults:
Tacoma Keyless Option-
Pre-07 Tundra Double Cab version with key option-
EDJ