Looking at a lot of the bikes on the nearby campuses I see lots of oversized U-locks with plenty of room to apply a jack or other leverage device. There are also plenty of bikes secured by flimsy cables or chain locks, bikes secured to street signs where the entire bike could easily be lifted over the sign, etc. A lot of the QR seats and front wheels are not locked up either.

I think you could go a long ways by making your bike harder to steal. Get pitlock skewers for your wheels, seat and headset. That'll decrease the likelihood of convenience thefts. Get a Kryptonite New York lock. I got the Kryptonite New York Fahgettaboudit U-lock. It's the fattest New York lock they have with an 18mm shackle. The downside to that lock, aside from the 5 pound weight, is that you cannot lock up your frame and rear wheel to a solid object. You'll have to choose either your frame or wheel. Doing both would add another layer of protection as the thief couldn't break the object you locked up to and ride away with the lock dangling from your frame, or break your rear wheel and carry your bike away.

Using the Kryptonite Fahgettaboudit chain would solve that problem, but you'll also have to haul that sucker around (8.4 lbs). The best option might be to go for the standard Kryptonite New York U-lock which has a slightly larger shackle than the Fahgettaboudit U-lock and would allow you to lock both frame and wheel to an object.

I just bought a new bike, have no plans on buying a beater (I have no place to store a second bike), and will be locking my bike up periodically on campus. I take all my easily detachable accessories with me (front/rear blinkie, seatpost bag) but will leave my Cat-eye LD-1000 screwed into the rack. I plan on picking up some red locktite to secure the screws for the fenders/rack to reduce nuisance thieves.

Like your car or apartment, if a thief wants in, he'll get in. But that doesn't mean you can't make it obvious that it's much easier to go for bike next to yours.