I saw what I suspect is a "bait bike" at a college in my neighborhood. A very shiny new road bike. A five dollar cable lock. It sits at the most visible bike rack on campus, even on week-ends, holidays and school breaks. It is next to the campus police office, under a security camera.
I've been tempted just to go stand NEXT to it to see how quickly the campus police take to jump on me.
But, all in all, I like the "bait bike" concept.