I'm in the camp that once it's gone, let it be gone. But I take steps to make sure that it doesn't get gone:

• Never leave the bike unattended
• If I have to for the time it takes to take a pee, I either lock it to my bike rack with the cable lock or I take it into the john with me
• If I'm stopping at a restaurant after or before riding, I lock it to the rack, and sit where I can see it and get to it quickly
• If I can't watch it, I lock it to the rack with the cable lock and then also lock it to the trailer hitch with a hardened steel chain
• I have a rear facing dash cam that will film any attempt to steal if off the rack
• I never leave the garage door open when I'm not in the garage or around it

If all that fails, then it's new bike day.