Both "Cycling Plus" and "Sold Secure" publish the results of lock tests. What the results show is that the typical $15 Wal-Mart lock can be opened in under thirty seconds using just portable manual tools. In contrast, a $75 u-lock from Kryptonite or OnGuard were still intact after an hour of work, when only manual tools are being used. When expensive power tools are used, the $15 locks last two seconds, and the $75 locks last for ten minutes, or more.
If your bike is worth more than $300 or so, and you leave it locked in public view for more than five minutes at a time, you need a lock that is "gold" rated on the Soldsecure test website.
www.soldsecure.com/Leisure.htm.