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We're using a cable for now but I feel like a chunky looking chain is possibly more of a visual deterrent? Might be talking bollocks though! Obviously there's not much you can do to stop a determined thief but the use case is basically to stop someone just picking a bike up and walking off with it. Maybe a chain is overkill for that, I'll have a think.
ltc-
It's all down the value of what you're locking and the hassle of carrying/applying the locks. If it's for overnight on the street then a mahoosive chain is definitely the route. If it's just while you pop into the shops/stop at a pub then a few D-locks and some cable(s) may be enough.
Remember that when you use a chain you want to try and keep it off the floor as it's much easier to work on like that.
hamrack
@ltc had said that this was to protect against opportunists, so a decent D lock and a (much less decent) cable would do that. Obvs it would need to be a chunky chain to help against anything meaningful, and even then a battery grinder could see it off pretty quickly...