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I know they are easy to get round. It's just an extra noisy thing to maybe attract your attention before the bike walks away, and will put off the casual little scrotes rather than the serious bike thieves.
Similarly, parking in plain sight rather than in a dark corner won't deter a professional bike thief, but I've had three bikes suffer minor vandalism which might have been prevented if they weren't slightly out of public gaze.
Disc lock is very easy to get round. Even alarmed ones.
Chain needs to go through the frame/swing arm. Talk to the people at almax for decent chain and options of how to chain the bike up.
The light one is bollocks seen how quickly a bike get nicked?