Hey Skuke,
Thanks for weighing in. My thinking is this: Both at home and at work my bike can be secure, inside the building. The lock would only be with me when I use the bike instead of a car for errands and such. The rack is there for the convenience of it on a commuter bike. Granted the lock keeps honest people honest. I'm just more paranoid now, knowing how easily a cable can be cut now. I know from research now that the Kryptonite New York style (there are a couple of other manufacturers that also make such styles of locks) carry insurance on loss of the bike. What it boils down to for me is buying such a lock that the sophisticated bike thieves can't break into in public places.
From what I learned no cable lock is secure because a thief can conceal a small cable cutter on their person and use it in such a way that they can make a bystander assume they are unlocking their own bike. A U style of lock is a different animal. A bike thief will not be prepared to break open a U lock since a cable cutter can't cut the hardened steel bar. The chain styles of locks are nearly as secure, but they are just really heavy. So, it boils down for me that I want a secure lock for those situations where I use my bike and will be out of site of it for a period of time, like when I go to the grocery to pick up something.
A little background about where my bike was stolen will also clarify some things. I learned that there are a few sophisticated networks of bicycle thieves that target the kinds of event I was at. A lot of bicycles are found at this event because this is a bicycle-friendly city. It's a rich target area. Because these thieves are sophisticated they know how to casually approach a bike making any standbyer assume they are the owner. These thieves must have been watching me and knew when I was busy at the event and would be away from my bike for more time than they needed. They approached my bike with high confidence that no one would challenge them.
There are many scenarios where a bike thief can steal a bike quickly. I can't accept living in a world where I can't use a bike instead of a car to do things that are routine like picking up a few items from the market that is only a couple of blocks away from me. I want to protect my bike and be a lot more careful about where I secure my bike. Another thing, as I am sitting here drinking my coffee I realized that I will have a bike with a rack and fenders on it, albeit, a Calfee. Maybe a thief will overlook a bike with fenders, not seeing a high-end bike having fenders. That said I realize many thieves, like many of us, are sophisticated enough to see a bike for what it is, seeing the componentry, the frame and such. I suspect I look over a bike much like I would look over a good-looking person of the opposite gender. I notice the little details. 
At any rate, apparently for my second experience with getting a custom Calfee this time the wait won't be as long as it was the first time.
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