Yes, but it's lighter and at least as secure as a cable lock. The little snips they tried are well known to slowly eat most cable locks. For me a cable lock is in a middle ground of useless, too heavy for the protection it affords.

Personally, I'll probably buy a Z-lok when they come out. Basically, I want something that I can use while I run in to a coffee shop and not have someone toss a bike in a truck.

I've got an 8lb Kryptonite chain if I actually want security.