Originally Posted by witz
That is a great strategy for a u-lock (one that I advocate and use) but for a chain lock there are none of the pros and all of the cons.
In short:
Chains aren't vulnerable to lever attacks. The rear wheel strategy is a defense against lever attacks. However (as long arguments over the subject on bf.net should prove) some thieves might think they can steal the bike by removing the rear wheel and end up mangling the wheel or denting the frame in the process. It's also probably far easier to cut through a rear wheel than a kryptonite chain.