Again, I don't like and won't recommend any sort of combination lock. Use them if only if you are not really concerned about theft in your area.
Heavy duty, hardened steel chains when used with a good lock like a quality U lock or shrouded padlock are very effective. Much harder to cut through than cables.
Any chain that I have ever seen for sale at hardware stores will be cut just as easily as most cables.
See photo 3 posts up.
Those are good chains and, from all appearances, very good padlocks.
Good chains:
http://images.google.com/images?q=hardened%20boron%20chain&oe=utf-8&rls=org.mozilla:en-US
fficial&client=firefox-a&um=1&ie=UTF-8&sa=N&hl=en&tab=wi
Bad chains:
http://www.pittjug.org/b2b/pics/Norw...Link_Chain.jpg