I'd like to hear from someone that used the Sheldon Brown method and actually had a bike stolen - evidence please.
What we do at a major big 10 university on an urban campus is the U lock using the sheldon brown method, pinlocks (there are several brand out there) and for areas where there is concern one of the short 4' cables. We put the lock in the back wheel and if required, the cable around the front wheel (or between classes, rely on the pinlocks). Replacing a front wheel is cheaper than a rear wheel and easier. That said, never had anything stolen on any of our bikes using this method - and we are riding better bikes than others on the rack.
Pinlocks work pretty well.
A bike locked with a rear lock and pinlocks is not going to be the easiest bike on the rack to steal by a long stretch. In our case, outside of residence halls are secured pretty well and that has been fine.
I would not leave any bike locked up outside at night unless it's in a secured area.
J.