I personally will continue to hook my U-lock around my frame. I don't trust the thieves around here to be sensible enough to notice that the wheel won't simply come off the frame with lock around until after they've tried and messed up the paint or even bent my stays. Bike theft is also common enough I could imagine a thief who would cut through the wheel and simply replace it with a wheel off of a stripped bike that was left with a lock around the frame only. I've seen plenty of bikes that were left as a frame chained to a post...often there was nothing left on it but the headset and bottom bracket!

It might be fun to see a dumb thief try to cut the wheel off of a road bike without first deflating it. BAM!

8bitevolution, just because a potential thief thinks his car is better than a bike doesn't mean he isn't interesting in stealing to sell for drug money. BTW, secure locking points are usually pretty easy to find in Portland, OR. I think new buildings downtown are required to include them as part of the building code. One of the subtle nicities of Portland.