Hyperbole aside, there are some very good reasons to go with round connectors, it can be very strong and you can put a big nut on them to have an extremely secure lock. however the PS2 connector is nether of these things, It would require a much more robust key to work well.
The worst connector I ever encountered was on a old ATI capture card, it was the same barrel as a ps2 connector but had about 15 pins. Everything had to be perfect for it to insert, a tiny scratch or a slightly bent pin, it was not going anywhere.