5 year old thread, that has got to be some kind of record. Should've just started a new one, but where's the fun in that?
I like key locks. I use a U-lock and a thick cable. The U-lock to lock a wheel and the frame to the rack, and the cable through the other wheel and my helmet. This stuff, I leave at the bike rack I use most often, so I don't have to carry the U-lock around.
I also have a big industrial grade padlock and another thick cable at home. That one, I use on the fly. For quick trips into stores and such.
I'm not sure what the concern is with cables. It seems to me that a bolt cutter wouldn't cut it, it would just smash it down. Not true? At any rate, I usually don't park for long in high crime areas, so the cable & padlock are fine for me.
I saw a youtube video that someone posted here a couple weeks ago where a NYC bike tech walked around critiquing locking techniques. I noticed a lot of the bikes in NYC have their seats chained to the bike frame too! That would really irk me, to have to resort to that. I would probably just get a cheap Huffy when it came to that point. Or use my folding bike a lot more often.