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@GA2G
To be honest, locking a bike up has several factors to consider. Firstly, no locking method is 100% secure, but the better the lock, the better your chances of keeping the bike.
Locks provide a deterent effect to casual criminals, and possibly to some more expereinced ones as well. Sheldon's method works at a practical level, but not as a visual and psychological deterent.
When a bike is seen, even from a distance, with a good lock going through the wheel AND around the seat-tube, it just looks like it will require more effort to steal. Vandals sometimes just yank a bike around the lock, and bend the chainstays. What a lark that is to the little inbred urchins. But it is obvious that it cannot be done to a bike that uses the seat-tube's width and strength as part of the locking mechanism.
Sheldon is right; a bike will not normally be stolen using his method. But I believe that deterring the crime at all, will lessen chances of attempts at the crime, and in the resultant vandalism.
Just my