True!! But I think a bag that is *obviously* locked up says HEY GOOD STUFF IN HERE. I think it is safer have the same process, but without shouting that you are locking things up. I guess I think .... if someone comes to grab my pac safe, they are likely to be surprised and abandon mission when they realize it's attached to something. If someone decides to try to get into the KYSS bag, they would be ready to break the lock/chain they can clearly see ---- and it might be worth the effort since it was locked up in the first place.
All these views comes from a position of paranoia. I can be paranoid, but I don't want to advertise it. I live in Orlando and laugh my butt off at the tourists who wear their backpacks backwards (a pickpocketing defense, I see it all the time at the outlet malls -- might as well paint a target on yourself!).
Mine is similar to this one:
http://www.pacsafe.com/citysafe-cs200-anti-theft-handbag.html but purchased in 2009 so an older version of it. I'm a big fan --- all the protection without shouting that I have valuables I'm afraid of losing.