my first bike was a mountain bike my mom bought for me as a kid. i loved it and rode it to death (even as it started to become too small for me) i kept getting taller and one day in high school decided this bike was not for me anymore. i saved some money and bought my first road frame. i didn't really want to hassle with selling the mountain bike, so i just took it downtown and left it there unlocked. i figured someone who needed it for some reason or another would take it. sure enough, two weeks later it was gone.
that being said, i could never bring myself to take a bike, even if it has been sitting there for a long time. my bike is my lifeline, and even though the owner could be neglecting it, it is possible that they really need that bike.