My bike was sitting out on a relatively busy street. The prospective thieves drilled through the side of the ignition to try to get the steering lock off, without realizing that that wasn't going to do shit. Maybe they got scared off, not sure, but they left the bike with a trashed igntion.
People claim that the steering lock is easy to take off and that it does nothing, but mine saved my bike from getting stolen. Given what I know about the ease of hot wiring a bike, I will always have mine on from now on and suggest you do the same.
Didn't have any other theft protection on it. I don't much believe in it as pretty much anything can be overpowered by some powerful bolt cutters.