It's very simple folks. Two boys are running away from a bear and one says, theres no way we can run faster than that bear, and the other says, well, I only have to run faster than you actually.
I figure as long as my locking strategy is better than the next guys, my bike will be the number 2 choice all things being equal. With all the bikes hardly locked at all out there I don't worry too much but then again I don't lockup anywhere near a campus either.
And this is the point. You cannot make a bike thief-proof. You can make it so time-consuming and labor intensive to steal that it deters the thief from stealing your bike and encourages him to find a more vulnerable bike.