As I mentioned, Pitlocks can be defeated with a couple of flat screwdrivers, but it doesn't really matter. They are still more secure than a quick release skewer or standard bolt on axles because they discourage theft.

If you want your bike to be theft proof, you are out of luck, there has not been a security system made that hasn't been bypassed. However, it is quite easy to make your bike a little more theft resistant. Devices like Pitlocks, disc detainer u-locks and tamper resistant bolts all increase the amount of time a thief needs to spend to steal your bike (whether by tools, skill or just patience) and makes it a less desirable target.