True - In Toronto downtown, locks don't do anything. Thieves come fully outfitted in hex key sets and pedal wrenches - and they steal everything - from rims to forks to pedals to front shocks, and chains (who steals chains??? - apparently the thief had a chain tool handy to break the chain).
Anything less than encasing the whole bike + lock + secure post in a steel case (like a bike locker) won't ensure that your bike will stay in tact.