Oops, didn't know there was a difference I ride old C&V bikes, which to anyone but someone who knows what they are looking for, are just "old 10 speeds", a cable lock (or sometimes even a cheap freebie pistol lock) is all I ever bother with. Just stopping the snatch and grabs! If someone is brazen enough to steal bikes off the rack at the microbrewery, they're going after the $4000 CF mountain bikes, not my 32# 38 year old Schwinn!

Although, one thing I would say: if I were stealing bikes from a college or university, I'd just shop the local thrift shop until I found a facilities-looking shirt, toss it on, and give yourself some legitimacy. You're just removing abandoned bikes from the racks! No one would question a facilities person with bolt cutters or a grinder, and I know the piles of bikes that get removed by facilities on a regular basis, my student org shared a storage facility with them.

In any case, if you are a professional thief targeting high end bikes, it wouldn't be hard to work with a partner, drive around in a car with the cutters, jump out and cut it, toss the cutters back in the car, and ride off on the bike.