Microsoft today updated the Glance app for Windows Phone to v188.8.131.52. Glance app allows you to see the time and other lock screen content when your phone is on standby. You can choose the glance screen mode that suits you and enjoy the perfect balance of power consumption and visibility. In this update, you can now set the lock screen photo as your glance screen background.
The updated settings app can be found in the Windows Phone Store here.