This has been an interesting thread, and educational.

From reading all of the information posted here it appears that there are a lot of pretty junky locks out there that are easily defeatable if the thief has any time at all, some with minimal or no equipment.

It also appears that even the best locks, chains and cables can be defeated given some time and the right equipment. Buying high end and multiple types of locks will keep honest people honest and may discourage experienced thieves to go for an easier target but if a thief decides your bike is the one he wants then he will get it. A very disturbing conclusion.

Sounds like if you have a valuable bike and live in a high crime area then you keep it in sight and use the best locks available. It is not paranoia, they do want to steal it.

Does making up a beater bike with poor paint and lower to mid level components help discourage thieves? I know that locally I have seen one FG bike with a paint job that looks like the owner uses it for cleaning paint brushes. About 10 colors applied randomly, roughly and obviously with a paint brush. Other than locks what is the most effective method of discouraging bike thieves?