I was bragging to an office-mate (and fellow bike commuter) that my bike was uglier and my lock bigger, when he pointed out my pedals weren't covered by the lock. I park the bike in a covered (car) parking garage, which theoretically has cameras, and has moderate traffic and a dozen other bikes daily. I feel relatively comfortable about the bike (and I _do_ have the biggest lock on the rack).
There are a lot of components one could remove from a "locked" bike, if one desired. The conversation did make me ponder pedal choice. Personally, I wouldn't do blingy components (XTR, Dura Ace, Record), even if I did camouflage them. On the other hand, my commuter is a SS built from an '80s MTB, complete with chainstay-mounted U-brake. There aren't too many components on it one _could_ re-sell, (other than the pedals).
If I had more secure indoor parking on the work end, I may reconsider.