Well, my fourth bike was stolen this morning, out of our backyard, which has a seven foot stockade fence around it. I have never managed to hold onto a bike more than six months in an urban environment--the previous two times, they left the bike lock, as if to taunt me with its inadequacy. I think I'm done with bike commuting. I'd rather just hand out $100 bills to random people on the street; at least I wouldn't be rewarding theft.
It wasn't an expensive bike, either; it was the cheapest hybrid available in my size. But the fact is, if you own a bike in this city, it will be stolen. I'm willing to brave weather and entitled motorists. But I'm sick of funding donations to the bike theft brigade.