I also like the idea too, although I should see about buying a set or two to play around with, and see if there are any glaring weaknesses that a casual thief could exploit. Assuming it has none, it definitely will prevent people popping seatpost QRs and chucking seats ontop of roofs or power lines (which is common around UT here.) It definitely offers great passive security where you don't have to worry about keeping a keyed nut or a key with you that can get lost or left at home.

On a good bike with decent wheels or front suspension, I still would stick with a set of Pitlocks that protect the fork because its not unheard of for someone to lose a very good chunk of their bike that way, even when they lock the wheels and the frame securely.