At my college we have lots of bike racks in a centralized location, so I'm protected by a sea of crappy cruisers and crappy 10-speeds. Plus there are a few token nice-looking bikes (like the carbon/aluminum Felt locked up with a Wal-mart cable) that I think take the attention away from my Centurion conversion with 'stache bars and a wore out Turbo.

Despite the relative day safety, if you leave your bike here overnight, your wheels absolutely will be destroyed. No exceptions. Do not ever think your bike will be safe on a college campus overnight.